The outgoing U.S. president called for constitutional amendments to hold sitting leaders accountable for crimes.

The United States risks being stripped of democracy as a bunch of super-rich oligarchs are stepping in, President Joe Biden warned in his final address to the nation, touching on his administration's achievements, ongoing challenges, and his vision for America's future.

Biden particularly expressed concern over the growing concentration of wealth and influence among a few ultra-wealthy individuals, whose actions may potentially undermine democracy. He called for measures to ensure fairness, including tax reforms, campaign finance transparency, and ethics reforms for Congress and the Supreme Court.

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Biden’s poignant and reflective speech from the Oval Office also referred to the need for constitutional amendments that would unable holding sitting U.S. leaders accountable for crimes committed while in office – an unmasked finger-pointing at his successor, Donald Trump, who is a convicted felon on numerous counts.

While not naming directly the modern American oligarchs – Elon Musk, Jeff Bezos, or Mark Zuckerberg, who’ve already pledged allegiance to Trump – Biden emphasized the need to hold them to the same standards as working- and middle-class citizens.

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“I want to warn the country of some things that give me great concern. And this is a dangerous concern. And that’s the dangerous concentration of power in the hands of a very few ultra-wealthy people. 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,” the president stated.

Other risks are coming from the social media and artificial intelligence, according to Biden.

“Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power. The free press is crumbling, editors are disappearing. Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit. We must hold the social platforms accountable to protect our children, our families and our very democracy from the abuse of power,” he urged.

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Acknowledging AI’s potential to revolutionize industries and combat challenges like cancer, Biden cautioned against its risks to privacy, democracy, and economic stability. He called for safeguards to ensure AI serves humanity’s best interests rather than a handful of tech giants.

Donald Trump will be inaugurated as the 47th president of the United States on 20 January 2025 for a four-year term. 

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