President Biden warns of “oligarchy” as he leaves.

WASHINGTON – President Joe Biden vigorously defended his record and warned of an American “oligarchy” in a prime-time address from the Oval Office as he bid farewell to four years in the White House and a five-decade political career.

“Today, an oligarchy of extreme wealth, power and influence is taking shape in America, threatening our very democracy, our fundamental rights, the freedoms and the fair opportunity for all to advance,” Biden said.

Biden, who will be replaced in five days by President-elect Donald Trump, recalled the situation he inherited four years ago: a country in the grip of a raging pandemic and economic crisis.

“Over the last four years, our democracy has stood strong, and every day I have fulfilled my commitment to be president for all Americans, even during one of the most difficult times in our country’s history,” Biden said. “I am so proud of how much we have accomplished together for the American people. I wish the incoming administration success because I want America to succeed.”

More:Tainted legacy? How Biden’s age and his refusal to pass the torch sooner are overshadowing his departure

In the final days of his presidency, Biden, 82, has sought to enact a legacy defined by signature legislation he pushed through in his first term – overcoming a razor-thin Democratic majority in the Senate – to unlock historic infrastructure spending. a resurgence of clean energy factories and investment in the microchip industry to catch up with China.

“It will take time before we feel the full impact of everything we have done together. But the seeds have been sown.”

On the foreign policy front, Biden has highlighted his successes in restoring the country’s global alliances and leading international support for Ukraine after Russia’s invasion and war.

A Middle East deal

Biden’s address came after he announced a long-awaited ceasefire agreement between Israel and Hamas that will pause the war in Gaza and lead to a phased release of the remaining hostages in Gaza, including three Americans and the remains of four deceased Americans.

“This plan was developed and negotiated by my team and will be widely implemented by the new administration,” Biden said at the beginning of his remarks.

More:Israel and Hamas agree on ceasefire in Gaza and release of hostages

Trump immediately claimed credit for the deal, writing in a social media post that it would not have happened without his election victory over Vice President Kamala Harris in November.

Biden leaves the White House with a mixed legacy and an approval rating of just 34%, according to a USA TODAY/Suffolk University poll this week. Meanwhile, Americans by a margin of 52% to 45% say they approve of Trump’s job performance during his first term, a far more optimistic assessment than he ever received while in office.

Since the election, Biden has faced finger-pointing from Democrats who claim he contributed to Trump’s return to power by waiting 107 days until the election to drop out of the race, thereby limiting the time Harris had for her campaign.

Despite concerns about his age, Biden announced plans to run for re-election in the spring of 2023, but dropped out last July after a disastrous performance in the debate against June that exposed an aging president who was at times incoherent sounded and had difficulty making his case against Trump.

Throughout his term, Biden repeatedly warned that Trump was a threat to democracy and called stopping him a “battle for the soul of the nation.” But Biden failed in his attempt to reduce Trump to a footnote in American history. And on Monday, he will attend Trump’s inauguration ceremony and watch as Trump is sworn in as the 47th president.

More:The Republican speaker of the House of Representatives orders the flags of the Capitol to be flown at full capacity at Trump’s inauguration

Ahead of that moment, Biden will travel to Charleston, South Carolina, on Sunday for his last full day as president. White House press secretary Karine Jean-Pierre declined to say what Biden will do there.

Before his farewell address, Biden released an open letter to Americans highlighting his accomplishments and calling it “the privilege of a lifetime” to serve this nation for over 50 years.

“Nowhere else in the world could a child with a stutter from humble beginnings in Scranton, Pennsylvania and Claymont, Delaware, one day sit behind the Resolute Desk in the Oval Office as President of the United States,” Biden said in the letter. “I have given my heart and soul to our nation. And in return, I have been blessed a million times over with the love and support of the American people.”

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President Biden warns of “oligarchy” as he leaves.

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