President sounds alarm about growing power of ultra-wealthy before handing presidency back to Trump

Joe Biden’s final address to the nation struck an ominous tone after warning of the growing power of America’s ultra-wealthy, and cautioning that an emerging oligarchy threatens the foundations of US democracy.

The Wednesday prime-time Oval Office speech came as Biden prepares to hand the presidency back to Donald Trump, who he defeated in 2020 only to see return to power after Biden’s own dramatic exit from politics last summer.