The President delivers a farewell address, reflecting on the nation's progress and challenges. He emphasizes the importance of balance in national programs, warning against the dangers of a military-industrial complex and the influence of a scientific-technological elite. He also stresses the need to maintain a balance between short-term needs and long-term goals, and to avoid the impulse to live only for today at the expense of future generations. The President expresses his hope for a lasting peace and his commitment to continuing to work towards this goal as a private citizen.