TThere was a sting in the tail here. Joe Biden’s farewell speech didn’t seem like a must-see for most politics-weary Americans. Those who dutifully tuned in might have expected the president to deliver a yawn-inducing first draft of his White House memoir.

But after more than half a century in elected office, the 82-year-old great-grandfather received one final surprise. Donald Trump was not mentioned by name in the primetime speech. Instead, he will be remembered for his dark, ominous warning of something bigger and deeper, of which Trump is a symptom.

“Today, an oligarchy of extreme wealth, power and influence is taking shape in America, threatening literally our entire democracy, our fundamental rights and freedoms and giving everyone a fair chance to get ahead,” Biden said.

The word “oligarchy” comes from the Greek words “rule” (ark) of the few (Oligos). Some have argued that the prevailing political divide in America is no longer between left and right, but between democracy and oligarchy, as power is concentrated in the hands of a few. The richest 1% of Americans now have more wealth than the bottom 90% combined.

The trend didn’t start with Trump, but he will accelerate it. The self-proclaimed hero of the working class has elected the richest cabinet in history, including 13 billionaires, and surrounds himself with the very elite he claims to oppose. Elon Musk, the world’s richest man, has become a key advisor. Tech titans Musk, Jeff Bezos and Mark Zuckerberg – who are worth a trillion dollars between them – will attend his inauguration on Monday.

Citing former President Dwight Eisenhower’s farewell address in January 1961, in which he warned of the rise of a military-industrial complex, Biden said: “Six decades later, I am equally concerned about the possible rise of a technological-industrial complex.” It could also pose a real danger to our country. Americans are being buried under an avalanche of misinformation and disinformation that enables abuse of power.”

Acknowledging the news desert and layoffs at venerable institutions like The Washington Post, Biden added bluntly: “The free press is crumbling. Editors disappear. Social media is giving up on fact checking. The truth is stifled by lies spread for power and profit. We must hold social platforms accountable to protect our children, our families and our democracy itself from abuses of power.”

Zuckerberg’s recent decision to abandon fact-checking on Facebook and Musk’s use of trust in legacy media is collapsing as people turn to a fragmented new ecosystem. It all happened with bewildering speed.

Wearing a dark suit, white shirt and blue tie, Biden at times pointed his finger or raised his fist. He spoke for the last time from the Oval Office. To his left, off camera, were Second Gentleman Doug Emhoff, Vice President Kamala Harris, First Lady Jill Biden, his son Hunter Biden and Hunter’s wife Melissa Cohen Biden. Behind the president hung two flags, gold curtains and several framed family photos, including his late son Beau. In less than a week, Biden will be gone and the photos will be swept away.

He leaves office with one of the strongest economies and the lowest approval ratings of any president. His first two years were measured in trillions of dollars: pandemic relief that temporarily halved child poverty, a bipartisan infrastructure package, legislation to build factories and make computer chips, and the most significant climate investment in history.

But somehow the president failed to communicate these successes to voters or receive recognition from them. He was too shy to put his name on checks like Trump had done. The long list of legislative victories has been dwarfed by inflation in the eyes of millions of voters.

As expected, he used some of his remarks Wednesday to correct that record and make his case to future historians. “It will take time for us to feel the impact of all we have done together, but the seeds have been sown and they will continue to grow and bloom for decades to come.” There was an echo of a lyric from the musical Hamilton: “ Legacy. What is a legacy? It’s about sowing seeds in a garden you’ll never see.”

But Biden’s legacy will also be that of a man who saved the nation from Trump, only to hold on too long and open the door for Trump’s return. His policies were sound and often celebrated by the left, but his policies were wrong. Wisely, he expressed neither displeasure nor bitterness Wednesday over the Democratic Party’s collective decision to force him not to seek re-election. He recently claimed that he could have beaten Trump. In his dreams.

Instead, he brought down the curtain on a career that began with his election to the U.S. Senate in 1972 by looking to the future rather than dwelling on the past. Biden’s farewell speech was above all an alarm call: like the “robber barons” of the golden age, the oligarchy is making a comeback and even Trump will be a footnote.