Robert Kiyosaki, an American businessman and author of the best-selling book Rich Dad, Poor Dad, believes the United States is broke as the country’s debt keeps increasing, countering claims that the world’s largest economy is strong.
In a recent tweet, Kiyosaki called the media agency Wall Street Journal (WSJ) “numb nuts” because it failed to decipher whether the stock market was up due to President Joe Biden raising America’s debt ceiling.
America is Broke: Kiyosaki
Kiyosaki’s comments were in response to a recent report by WSJ, which claimed that the U.S. was steering clear of recession due to several factors, including a 2.4% economic growth in Q2 and a similar increase in the country’s gross domestic product, significantly faster than experts’ predictions.
With a decline in customer spending, the records defied expectations of a downturn starting in the middle of the year due to higher interest rates. WSJ stated that a more robust labor market would add to the prospect of “a soft landing,” where inflation falls close to the Federal Reserve’s 2% target without a recession.
However, Kiyosaki thinks the opposite. As reported earlier this month, he believes the stock market is rising because of the U.S. debt ceiling removal.
Recall that in June, Biden signed a bill suspending the U.S. government’s $31.4 trillion debt ceiling till January 2025, avoiding the nation’s first-ever default. The suspension calmed the economic crisis that threatened to disrupt financial markets and trigger a recession. Since then, large U.S. stock market indexes like the S&P 500, Dow Jones, and Nasdaq have recorded notable gains, sparking claims of a stronger economy.
The renowned author said the national debt is rising alongside the financial market; hence, WSJ’s claims that America’s economy is strong are wrong because the country is broke.
Kiyosaki Prefers Bitcoin, Gold, and Silver
While America’s economy dwindles, Kiyosaki reiterated his support and preference for bitcoin (BTC), gold, and silver, which he frequently refers to as real assets and real money. He believes the U.S. dollar will die while the largest cryptocurrency and precious metals will thrive and act as protection measures.
As a BTC proponent, the Rich Dad, Poor Dad author believes the asset could soar to $120,000 in 2024 and hit $500,000 by 2025.