Biden Warns In Farewell Address That An 'oligarchy' Of Ultrarich In Us Threatens Future Of Democracy

President Joe Biden used his farewell address to the nation Wednesday to deliver stark warnings about an "oligarchy" of the ultra-wealthy taking root in the country and a "tech-industrial complex" that is infringing on Americans' rights and the future of democracy.

Speaking from the Oval Office as he prepares to hand over power Monday to President-elect Donald Trump , Biden seized what is likely to be his final opportunity to address the country before he departs the White House to spotlight the accumulation of power and wealth in the U.S. among just a small few.

"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," Biden said, drawing attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked."

Invoking President Dwight Eisenhower's warnings about the rise of a military-industrial complex when he left office in 1961, Biden added, "I'm equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well."

Biden used his 15-minute address to offer a model for a peaceful transfer of power and - without mentioning Trump by name - raise concerns about his successor.