As US Debt Crisis Deepens, 'Rich Dad Poor Dad' Author Robert Kiyosaki Warns Of Looming Economic Peril: 'America Is In Serious Trouble Financially'

BY Benzinga | ECONOMIC | 12/09/23 01:02 PM EST

The U.S. has witnessed a dramatic spike in its national debt, with an increase of a staggering $240 billion in November 2023 alone.

What Happened: The significant rise has sparked concerns about the nation's economic health and stability.

According to a report from the U.S. Treasury, there was a sharp climb in the national debt, which jumped from $33.637 trillion at the start of November to $33.878 trillion by the month's end. This marks an alarming increase of $2.46 trillion compared to the previous year. 

In a recent interview on Fox Business, "Rich Dad Poor Dad" author Robert Kiyosaki voiced his concerns, criticizing the government's continuous  printing of money.

"Cash became trash, and so they just kept printing and printing and printing," he said. "All you have to do is look at history. Every time they printed money the empire went down, and I hate to say this because I love America, but America is in serious trouble financially because of the debt load."

Also Read: Wall Street Braces For 2024 Recession: Economic Growth To Slow, Markets To Rise, Say Bullish Firms

Kiyosaki, a vocal supporter of alternative assets, believes that precious metals and Bitcoin (CRYPTO: BTC) serve as effective hedges against currency devaluation.

He said he sees no end to the government's printing of money, which he views as a path to persistent inflation and economic mismanagement.

"I hate to say this but inflation is here to stay. Incompetence is here to stay. They're going to keep printing more money to pay for the debt, and unless we either cut down on entitlements or the military -- which we won't do -- I would rather have gold than cash that they can print," he added.

Emphasizing the gravity of the situation, Kiyosaki said, "The worst part about it is our national debt. We're bankrupt. And why don't we say that? We just can't keep printing more money to pay it off, and that's really the problem, we just keep printing the money to solve our problems, when we can't go on much longer."

Now Read: From Bearish To Bullish: Major Analysts Predict US Stock Market's Performance In 2024

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Gage Skidmore via Flickr

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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