In Farewell Address, Biden Warns of an ‘Oligarchy’ Taking Shape in America

President Biden on Wednesday warned that an “oligarchy” of the ultrawealthy was emerging in America, sounding the alarm about unchecked power as he gave a farewell speech to the nation just days before he surrenders office to a man he disdains.

In an address from the Oval Office, Mr. Biden expressed concern about the “dangerous concentration of power” and issued a plea for the preservation of democratic ideals and institutions under the administration of President-elect Donald J. Trump.

“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,” Mr. Biden said.