In an address from the Oval Office, President Biden delivered a poignant farewell to the nation, cautioning against the emergence of a wealth oligarchy in the United States. He expressed concerns that this concentration of extreme wealth and power poses a significant risk to democracy and the fundamental rights of citizens. Biden emphasized the importance of fair opportunities for all individuals to progress in society, a theme he has consistently highlighted throughout his presidency. Biden noted that the current situation recalls historical moments when the American populace confronted powerful industrialists to dismantle monopolies. He pointed out that in the past, wealthy individuals were held accountable to the same rules as everyone else, enabling the growth of a robust middle class and unprecedented prosperity. Highlighting the changing dynamics of societal expectations, Biden referenced a recent statement by Marc Andreessen, a prominent Silicon Valley investor, who claimed that the social contract between entrepreneurs and society has been broken. According to Andreessen, past norms where successful entrepreneurs contributed to society through job creation and philanthropy have deteriorated, leading to a backlash against wealth accumulation. Biden asserted the necessity for tax reforms that ensure billionaires pay their fair share, moving away from policies that disproportionately favor the wealthy. He called for the elimination of dark money in politics, advocating for transparency in campaign financing. Additionally, he proposed restricting members of Congress from trading stocks while in office, addressing potential conflicts of interest, particularly in light of the influence of wealthy tech leaders in government. The outgoing president also directed his remarks towards former President Trump, advocating for a constitutional amendment to clarify that no president should be immune from prosecution for crimes committed while in office. This statement comes in the wake of Supreme Court rulings affirming presidential immunity for official acts. Biden invoked a warning from former President Eisenhower about the dangers of a military-industrial complex, suggesting a parallel with the rise of a potential tech-industrial complex that could similarly threaten American democracy. He expressed concerns over the spread of misinformation and the erosion of a free press, emphasizing that citizens are inundated with falsehoods that allow for abuses of power. The president cautioned that misinformation and the manipulation of social media algorithms have played a pivotal role in enabling the rise of extreme right-wing politics globally. He noted that major social media platforms have contributed to this issue by allowing biased content to flourish without proper fact-checking. Biden also addressed the challenges posed by artificial intelligence, warning that without adequate safeguards, AI could pose serious threats to privacy and civil rights. He stressed the urgent need for regulations to ensure that AI development aligns with American values and safeguards the citizens' rights. Despite his concerns, Biden concluded his address by reflecting on the achievements of his administration, including the creation of millions of jobs and advancements in renewable energy. He expressed hope that the initiatives undertaken during his presidency would yield positive outcomes in the future. In the opening remarks of his address, Biden also took a moment to clarify that the recent ceasefire agreement in Gaza was the result of negotiations led by his team, countering claims made by Trump regarding his involvement. He highlighted the importance of cooperation among American leaders for the benefit of the nation. As Biden prepares to leave office, he reiterated his belief in the foundational ideals of the United States, urging citizens to remain vigilant in safeguarding democracy and the principles that uphold the nation's values.