In his final formal address, President Joe Biden cautioned against the burgeoning influence of “oligarchy” and “extreme wealth” on American democracy, as President-elect Donald Trump, whose incoming administration is notably composed of billionaires, prepares for his second term.
Speaking from the Oval Office, Biden lamented the formation of a power concentration that jeopardizes democratic values and equal opportunity.
Biden’s address, delivered shortly after the announcement of a ceasefire between Israel and Hamas, underscored concerns over the power wielded by a few ultra-wealthy individuals, warning of severe consequences should their influence remain unchecked. He also voiced concerns over potential reversals of his climate policies as unprecedented wildfires rage in Los Angeles.
With the Trump administration set to include at least 11 billionaires, such as Tesla’s Elon Musk, Biden drew attention to these appointments, questioning the implications of concentrated wealth and power. Meanwhile, Biden credited his administration’s efforts for the Israel-Hamas ceasefire while acknowledging that its implementation will fall under Trump’s tenure.
Having stepped back from a re-election bid after disappointing debate performances, Biden used his final days to enact a considerable ban on offshore oil and gas drilling, spanning vast swathes of U.S. territory. This move is likely intended to counter Trump’s agenda of expansive oil exploration.
In his concluding remarks, Biden expressed hope that his policies will bear fruit over time, leaving a lasting impact beyond his presidency.
