Robert Kiyosaki, the Rich Dad Poor Dad author, has highlighted the escalating debt of the United States and said the country is 'broke' and that the central bankers have been smoking 'fantasy weed'.
"Don't they know the stock market is up because Biden raised debt ceiling. America's debt is going up ... so stock market going up ... America is broke," Kiyosaki wrote in a tweet.
The US stock market has been impressive in the last few months, the inflation has come down, giving hope of a soft landing and the job market has also been on an upswing. The latest US gross domestic product data also came in better than expected. However, the noted author says that the picture is not sanguine.
Kiyosaki's views on the US economy and the unseemly debt burden that increases by the day were echoed by Fitch Ratings, which controversially cut its credit rating on the US earlier this month. Fitch said it was cutting the United States' rating from its highest AAA rating to AA+. The agency said it was warranted by "expected fiscal deterioration over the next three years'. It also cited a high and growing general government debt burden and an erosion of governance.
This week, Kiyosaki excoriated Treasury Secretary Janet Yellen, saying she was merely touting Bidenomics. This came after Yellen praised President Joe Biden saying he helped drive a massive boom that is touching every corner of the country.
In his criticism, Kiyosaki argued that Yellen was not taking stock of the economic problems such as higher prices across the economy as well as rising credit-card debt. "Treasury Secretary Janet Yellin says the IRA Inflation Reduction Act is "turning point" in saving our planet, "what is she smoking?" Has she been food shopping lately? Has she filled her gas tank lately? How many businesses closing? How about credit card debt? Biden's team worst leaders in history," Kiyosaki said in a post on X.
"First shoe to drop. Fitch rating services downgrades U.S. credit rating from AAA to AA+. Brace for crash landing ... Sorry for the bad news yet I have been warning for over a year the Fed, Treasury, big corp CEOs have smoking fantasy weed," he wrote in another tweet.
Who is Robert Kiyosaki?
Kiyosaki ,a Japanese-American, has been a fierce critic of the US economic system. He has predicted the demise of the US dollar, the crash of the US economy and the rise of alternative systems like the cryptocurrencies. He founded the Rich Global LLC and the Rich Dad Company that give personal finance advise to people.