Outgoing US President Biden warns citizens against 'oligarchy' in his farewell address

PTC News Desk: Outgoing US President Joe Biden who is all set to demit his office on January 20 warned citizen against 'dangerous concentration of power' and 'oligarchy taking shape in America' amongst few influential people of the United States and also urged people of the country to 'stand guard' against all the odds as he delivered his farewell address from Oval office. 

This is Biden's fifth address from the Oval Office. The last remarks were made in July 2024 when he announced that he was dropping out of the presidential race, paving the way for Vice President Kamala Harris to secure the Democratic nomination.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that really threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead," outgoing President said. 

"The very idea of America is that everyone is entitled to a fair shot. Going as far as your hard work and talents can take you. We can never lose that essential truth."

In a veiled dig at incoming President Trump's close association with Elon Musk, Biden also pointed out an "oligarchy is taking shape in America" -- and "a dangerous concentration of power."

"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 the people of US.

Joe Biden's term officially ends on January 20 with Donald Trump's inauguration.