Biden warns of 'dangerous concentration of power' in hands of wealthy during final address

President Joe Biden on Wednesday night used the final speech of his 50-year political career to warn Americans of the dangers of the ultra wealthy controlling the United States. 

Biden delivered his farewell address to the nation from the Oval Office of the White House, which was not just his final speech as commander-in-chief, but marked the end of his 50-year political career as well. 

Biden first entered national politics when he was elected to the United States Senate in 1972, where he spent the majority of his career. He was also vice president to former President Barack Obama, before becoming president in 2020.

During the nearly 20-minute address, the president claimed a few things still caused him "great concern," about the future of the country.

"There's a dangerous concentration of power in the hands of a very few ultra wealthy people, the dangerous consequences if their abuse of power is left unchecked today," Biden said. "[There is an] oligarchy taking shape in America. An extreme wealth, power and influence that really threatens our entire democracy, our basic rights, freedoms and a fair shot for everyone to get ahead. 

"We've seen the consequences all across America, and we've seen it before," the president continued. "More than a century ago, the American people stood up to the robber barons back then and busted the trust. They didn't punish the wealthy. They just made the wealthy play by the same rules everybody else has."

The warning comes as President-elect Donald Trump returns to power next week, and as billionaires Elon Musk, Vivek Ramaswamy, and other members of Trump's inner circle rise in influence. Facebook founder Mark Zuckerberg and Amazon founder Jeff Bezos have also recently been accused of trying to curry Trump's favor. 

The speech comes after the president published a farewell letter, where he claimed that the country was “stronger, more prosperous and more secure” now than it was during Trump's first administration. 

“It has been the privilege of my life to serve this nation for over 50 years,” Biden wrote in the letter. “Nowhere else on Earth could a kid with a stutter from modest beginnings in Scranton, Pennsylvania, and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as president of the United States. I have given my heart and my soul to our nation. And I have been blessed a million times in return with the love and support of the American people.”

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.