Biden warns of oligarchy and tech industrial complex in farewell address

President Biden said Wednesday that an oligarchy and a tech industrial complex were taking hold in America, warning of the risks of unchecked power in a farewell address that served as a bittersweet coda to his 50-year political career.

- Catherine Lucey & Ken Thomas

Biden, in a 17-minute Oval Office speech that included a few stumbles, highlighted his work to usher the country out of the coronavirus pandemic and investing in infrastructure and technology. But he spent much of his time speaking about his concerns and hopes for the country's future.

From behind the Resolute Desk, Biden said: "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."

"We see the consequences all across America, and we've seen it before, more than a century ago, but the American people stood up to the robber barons back then," Biden said.

Biden recalled President Dwight D. Eisenhower's final speech in 1961, which focused on the military industrial complex. In a nod to Eisenhower, Biden cited the potential rise of a "tech industrial complex," pointing to what he said is "an avalanche of misinformation" and social-media companies giving up on fact-checking—a reference to a recent announcement by Meta Platforms. "The truth is smothered by lies told for power and for profit," he said.