Joe Biden Warns of ‘Tech-Industrial Complex’ and Oligarchy in Farewell Address

In his final address as president on Wednesday, Joe Biden struck a balance between optimism and caution, reflecting on his administration’s achievements while issuing grave warnings about challenges facing American democracy under the incoming Trump administration.

“I’m so proud of how much we’ve accomplished together for the American people, and I wish the incoming administration success because I want America to succeed,” Biden said. “That’s why I have held my duty to ensure a peaceful and orderly transition of power, to ensure we lead by the power of our example. I have no doubt that America is in a position to continue to succeed.”

However, Biden expressed deep concerns about the growing concentration of power among the ultra-wealthy and its implications for democracy. “Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” he told Forbes.

Drawing a historical parallel, Biden invoked the early 20th-century fight against robber barons and monopolies. “More than a century ago, when the American people stood up to the robber barons back then and busted the trusts, they didn’t punish the wealthy. They just made the wealthy play by the rules,” he said. “It helped put us on a path to building the largest middle class and the most prosperous century any nation in the world has ever seen.”

Biden also addressed the dangers of emerging technologies, describing what he called a “tech-industrial complex” that he likened to the military-industrial complex President Dwight Eisenhower warned of in 1961. He highlighted the growing role of misinformation in undermining trust in democratic institutions.

“Americans are being buried under an avalanche of misinformation and disinformation,” Biden cautioned. “The free press is crumbling, and social media is giving up on fact-checking.”

Biden’s address was a call to vigilance and resilience, urging Americans to protect democracy by confronting these challenges. While he expressed hope that the nation could overcome these threats, his words reflected the uncertainty of the political landscape as the presidency transitions to Donald Trump.

As he concluded his speech, Biden reminded Americans of their shared responsibility to uphold democratic values, leaving a legacy defined by both hope and stark warnings about the future.