President Joe Biden Farewell Address Live Updates: Biden ends farewell address on optimistic note urging Americans to ‘stand guard’

US President Joe Biden talked about spread of misinformation and disinformation among Americans, stating "Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power."

Biden added that free press is "crumbling" and editors are "disappearing" in his farewell address to the American people.

Biden further talked about social media not getting fact checked. "Social media is giving up on fact checking. The truth is smothered by lies told for power and for profit," he said.

US President Joe Biden, who is all set to vacate the White House for his predecessor and the incoming President-elect Donald Trump, listed some of his accomplishments during the farewell address on Wednesday night in the Oval Office.

Apart from touting his foreign policy accomplishments mentioning NATO, Biden said his administration played a significant role in lowering prescription drug prices for seniors, passing gun safety laws and helping veterans get health care.

Outgoing U.S. President Joe Biden said on Wednesday that he was concerned about a "dangerous concentration of power" among a few wealthy people in the United States.

"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," Biden said in his farewell address from the Oval Office.

(Reuters)

U.S. President Joe Biden warned on Wednesday in his farewell address that an American oligarchy is taking shape in the United States among a few wealthy people who have amassed a "dangerous concentration of power."

Biden warned of a "tech industrial complex" in the United States in words that echoed President Dwight Eisenhower's farewell address in 1961. Eisenhower, closing out eight years as president, had warned of the dangers of a "military-industrial complex" gaining power in the United States.

He did not mention names, but Tesla CEO Elon Musk, the world's richest man, has amassed not just vast wealth but has become a powerful adviser to Donald Trump, the Republican who will take over as president from Biden on Monday.

(Reuters)

Talking about the technological advancement, President Joe Biden in his final address said that artificial intelligence has profound possibilities but comes in with a risk for economy, security, society and humanity.

"Artificial intelligence even has the potential to help us answer my call to end cancer as we know it. But unless safeguards are in place, AI could spawn new threats to our rights, our way of life, to our privacy, how we work and how we protect our nation," Biden said.

Biden further urged that America should lead in advancement of Artificial Intelligence and that it should be ensured that AI works for good. "And as the land of liberty, America not China, must lead the world in the development of AI," he said.

President Joe Biden, while giving his final address as the president of the United States, warned that there is an "oligarchy" being developed in America and stressed the importance of holding the ultra-wealthy accountable with similar expectations to that of middle class and working citizens.

"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," Biden said.

In the farewell speech, Biden further added "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."

President Joe Biden in his farewell address to the nation on Wednesday night said that he has been thinking a lot about who the American people are and who should they be.

"I’ve been thinking a lot about who we are and maybe even more importantly, who we should be," Biden said. He even recalled the gift France gave to USA, the Statue of Liberty saying that “like the very idea of America. It was built not by one person, but by many people, from every background and from around the world.”