Robert Kiyosaki, the renowned author of the best-selling book “Rich Dad Poor Dad,” has recently made a bold statement about the current state of the U.S. economy. He believes that the U.S. economy is in a state of depression.
Robert Kiyosaki defines a depression as an economy experiencing subpar growth. He argues that even though the economy is technically growing, it’s below its potential. To support his claim, Robert Kiyosaki pointed out that in Q4 2023, the economy grew by 3.4%, but in Q1 2024, it only increased by 1.6%, less than half of the previous quarter’s growth.
Robert Kiyosaki’s warning comes at a time when the U.S. economy is facing various challenges. According to the Federal Reserve Bank of San Francisco, a depression is an extreme form of recession lasting three or more years or resulting in a GDP decline of at least 10% in a given years. Throughout its history, the U.S. has faced 34 recessions, including notable ones like the Great Recession of 2008-2009 and the COVID-19 recession of 2020. However, it has experienced only one depression, famously known as the Great Depression, spanning from 1929 to 1941.
Q: Is the American economy in
DEPRESSION?
A: Yes
Definition of a depression: an economy in subpar growth. In other words the economy may be growing but below potential.
Q4 2023 economy grew by 3.4%.
Q1 2024 economy grew by 1.6% less than half.
Not going to be a soft…— Robert Kiyosaki (@theRealKiyosaki) April 25, 2024
Despite these definitions, Robert Kiyosaki’s assertion that the U.S. economy is in a depression is technically incorrect. However, his warning does highlight the significant slowdown in economic growth, which could potentially lead to more severe economic conditions.
Furthermore, Robert Kiyosaki warns that the current economic situation is “not going to be a soft landing”. This suggests that he anticipates a significant economic downturn or a possible recession.
In conclusion, Robert Kiyosaki’s economic forecast paints a grim picture of the U.S. economy. His views serve as a stark reminder of the potential economic challenges ahead. As always, it’s crucial for individuals and businesses to stay informed and prepared for any economic shifts.
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