"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

In his final speech from the Oval Office, President Biden urged the country to remember its roots and not surrender its values at the altar of a populist nationalism that he sees as dangerous.

President Joe Biden 's farewell address on Wednesday came with a series of warnings for the future of the country, including a rising “oligarchy taking shape” that he said threatens American democracy.