Speaking from the Oval Office as he prepares to hand over power to President-elect Donald Trump, on Monday, Biden seized the opportunity to highlight the accumulation of power and wealth in the US among just a small few.
"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," Biden said, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked."
Biden called for a constitutional amendment to end immunity for sitting presidents. (AP PHOTO)
Invoking President Dwight Eisenhower's warnings about the military-industrial complex when he left office in 1961, Biden added, "I'm equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well."
The president warned Americans to be on guard for their freedoms and their institutions during a turbulent era of rapid technological and economic change.
It marked a striking admonition by Biden, who is departing the national stage after more than 50 years in public life, as he has struggled to define his legacy against the return of Trump to the Oval Office.
His speech in the Oval Office is the latest in a series of remarks on domestic policy and foreign relations intended to cement his legacy and reshape Americans views on his term.
Earlier in the day, he heralded a long awaited ceasefire agreement between Israel and Hamas, which could end more than a year of bloodshed in the Middle East.
The president warned Americans to be on guard for their freedoms and their institutions. (AP PHOTO)
"It'll take time to feel the full impact of what we've done together but the seeds are planted and they'll grow and they'll bloom for decades to come," Biden said, tacitly acknowledging that many Americans say they have yet to feel the impacts of his trillions of dollars in domestic initiatives.
Biden's warning about an oligarchy came after some of the world's richest individuals and titans of its technology industry flocked to Trump's side in recent months.
Billionaire Elon Musk spent more than $100 million on helping Trump get elected, and executives like Meta's Mark Zuckerberg and Amazon's Jeff Bezos have donated to Trump's inaugural committee and made pilgrimages to Trump's private club in Florida for audiences with the president-elect.
While Biden criticised social media companies for retreating from fact-checking on their platforms, Trump's incoming communications director and press secretary were sharing posts on X that falsely claimed it was a prerecorded speech.
Biden isn't leaving the White House in the way that he hoped. He tried to run for reelection, brushing aside voters' concerns that he would be 86 years old at the end of a second term.
After stumbling in a debate with Republican Donald Trump, Biden dropped out of the race under pressure from his own party, and Vice President Kamala Harris became the Democratic nominee.
The speech on Wednesday night capped Biden's five decades in politics. He was once the country's youngest senator at 30 years old after being elected to represent his home state of Delaware in 1972.
Biden pursued the presidency in 1988 and 2008 before becoming Barack Obama's vice president. After serving two terms, Biden was considered to be retired from politics. But he returned to centre stage as the unlikely Democratic nominee in 2020, successfully ousting Trump from the White House.
Joe Biden is leaving public life after more than 50 years in politics. (AP PHOTO)
As he highlighted his own commitment to ensuring a peaceful transition of power, including holding briefings with Trump's team and coordinating with the incoming administration on the Middle East negotiations, Biden also called for a constitutional amendment to end immunity for sitting presidents.
That came in response to a Supreme Court ruling last year that granted Trump sweeping protections from criminal liability over his role in trying to overturn his 2020 defeat to Biden.
Biden spoke from the Resolute desk, photos of his family visible behind him in the Oval Office. First lady Jill Biden, his son Hunter, some of his grandchildren, Harris and her husband, Doug Emhoff, sat watching.
