Biden, in farewell address, warns about dangers of unchecked power in wealthy

He spoke from the Oval Office a final time as president.

ByAlexandra Hutzler ABCNews logo
Thursday, January 16, 2025
Biden gives farewell address after securing ceasefire deal
President Biden, in his farewell address to the nation, said there is a "short distance between peril and possibility."

WASHINGTON -- President Joe Biden, in his farewell address, reflected on a decadeslong political career but also issued a warning to the nation as he prepares to cede power to President-elect Donald Trump.

Speaking from behind the Resolute desk, Biden said he was proud of what his administration accomplished as the country climbed out of the coronavirus pandemic and made investments in infrastructure, climate change and more.

"In the past four years, our democracy has held strong and every day, I've kept my commitment to be president for all Americans for one of the toughest periods in our nation's history," Biden said. "I've had a great partner, Vice President, Kamala Harris."

But Biden also spoke at length about what he said caused him grave concern -- the concentration of power in the hands of a few wealthy individuals.

"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 said.

President Joe Biden speaks in the Oval Office of the White House, on Jan. 15, 2025, in Washington, D.C.
President Joe Biden speaks in the Oval Office of the White House, on Jan. 15, 2025, in Washington, D.C.
Pool via ABC News

The speech comes just hours after Biden confirmed a ceasefire and hostage release deal brokered between Israel and Hamas, a foreign policy goal of Biden's for more than a year that became reality just days before his departure.

Biden started his remarks by highlighting the achievement and his work with the incoming Trump administration to see through its implementation.

"That's how it should be, working together," Biden said.

Biden, who faced severe political backlash at home over the devastating international conflict, was personally involved in the negotiations and described them as some of the "toughest" of his career but said he was "deeply satisfied" with the result.

Biden has taken time in these final weeks to speak more broadly about his foreign policy footprint and some of his domestic achievements as he prepares to leave the White House.

The Oval Office address, though, provided Biden with a larger audience as he looks to cement his legacy.

Surveys show Americans have a mixed view on his four years in office. A recent Gallup poll found 54% of U.S. adults think Biden will be remembered as a "below average" or "poor" president; 19% say he'll be remembered as "outstanding" or "above average" and 26% think he will be viewed as "average."

Copyright © 2025 ABC News Internet Ventures.