Biden warns US on verge of tech billionaire 'oligarchy', calls for constitutional amendment to end presidential immunity

In his farewell address, U.S. President Joe Biden issued a stern warning to the nation, pointing out the formation of an oligarchy of super-rich individuals in the United States and highlighting the threat posed by the "tech industrial complex" to the future of democracy. Speaking from the Oval Office, as he prepared to hand over power to President-elect Donald Trump on Monday, Biden used what was likely his last address to the nation as president to focus on the accumulation of power and wealth in the hands of a few.

Biden stated, "Today, an oligarchy of extreme wealth, power and influence is forming in America, and it truly threatens our entire democratic system, our fundamental rights and freedoms, and the opportunity for everyone to advance fairly." He warned that "if their abuse of power is left unchecked, there will be dangerous consequences… We are seeing these consequences all across America, and we’ve seen them before."

While the president's warnings garnered global attention, his speech also contained elements that diverged from his typically optimistic tone, as well as a series of proposals aimed at upending current presidential immunity, campaign finance, and Supreme Court rules. Among the most significant messages and recommendations Biden made in his final Oval Office address were: the “tech industrial complex” poses a “real danger,” and the need to amend the constitution to end presidential immunity.

In addition to railing against the concentration of wealth, Biden also invoked former President Dwight D. Eisenhower’s 1961 warning about the rise of the “military-industrial complex,” and spoke of “a tech industrial complex that could pose a real danger to our nation.” Some of the world’s wealthiest people and tech industry giants have flocked to Trump’s camp in recent months, including billionaire Elon Musk, who spent over $100 million helping Trump get elected. Biden pointed out that Americans are being “flooded with disinformation and misinformation” as social media giants like Musk’s X and Mark Zuckerberg’s Meta abandon fact-checking. He emphasized that “truth is being strangled by lies crafted for power and profit” and called for holding social platforms accountable to protect children, families, and the democratic system from abuses of power.

Biden also used the address to reiterate one of his most ambitious proposals: amending the U.S. Constitution to make it clear that “no president – no president – can be immune from punishment for crimes committed while in office.” This proposal is related to a landmark Supreme Court ruling last summer when justices said former presidents enjoy broad immunity for official actions taken while in the White House. The ruling had major legal implications, greatly narrowing the charges against Trump for his attempts to overturn his 2020 election loss. Those charges were dismissed after Trump won the election in November because a sitting president cannot be prosecuted. Biden expressed his deep concern that this ruling could turn the presidency into an unconstrained, unaccountable monarchy above the law.

Biden also raised some of his long-held policy positions during the address, such as supporting changes to the U.S. tax code to ensure billionaires “pay their fair share.” Other positions, such as banning members of Congress from trading stocks, reflected stances he has taken only since the 2024 election, which has excited some progressive supporters but also frustrated others who point out that Biden has done little to advance these causes during his four years in the White House. Biden also spoke of the need to purge “dark money” from politics, the “secret money hidden behind so many campaign donations,” referring to the massive election spending by outside “political action” groups that are not required to disclose donors, undermining the intent of campaign donation limits. Finally, the president reiterated his call from earlier this year for 18-year term limits for Supreme Court members and “the strictest ethics reforms,” likely referring to his support for binding codes of conduct for the nine justices on the Supreme Court after a series of ethics scandals at the institution over the past 12 months.

In the Oval Office, Biden was accompanied by First Lady Jill Biden, his son Hunter, and other family members, including his four-year-old grandson Beau. Vice President Kamala Harris and her husband, Doug Emhoff, were also present. Harris replaced Biden as the Democratic nominee when Biden abandoned his reelection bid after a disastrous debate performance. Biden endorsed Harris and had hoped she would succeed him as the first female president of the United States. However, she watched as Biden discussed a smooth transition to Trump’s second administration. Biden said Harris had been a “great partner” during his time in the White House, adding that she and Emhoff had become “like family.” As he said this, Jill Biden reached out and took Harris’s hand. While many presidents in the past have chosen to deliver farewell addresses from the Oval Office, Biden is the first president to do so since Bill Clinton. George W. Bush delivered his address from the East Room of the White House, while Barack Obama addressed the nation from his home city of Chicago. Donald Trump never conceded his 2020 election loss, but he delivered a pre-recorded address from the Blue Room of the White House on January 19, 2021, the day before Biden’s inauguration.