‘Rich Dad Poor Dad’ author claims ‘California is going broke’

Robert Kiyosaki, the financial guru who predicted the 2008 Lehman Brothers collapse, has warned that California faces a grim future, as he believes the state is on the brink of a fiscal crisis. In his X post, Kiyosaki emphasized that California is a bellwether state, stating, “What happens in California happens to the rest of the U.S.”

What he’s saying: “The problem is California is going broke. California will begin raising taxes and cutting subsidies to the poor, to prisons, environmental problems and teachers unions. That means crime will spread as police will be cut,” Kiyosaki, the author of “Rich Dad Poor Dad,” wrote. He concluded his post by asking, “which states will follow? Is it time for you to move? I moved.” In November 2023, Kiyosaki made a similar remark during his appearance on “Cavuto: Coast to Coast,” stating that “America is broke right now.”
Financial crisis: The Legislative Analyst’s Office published its budget report for California on December 7, 2023, noting that the state is facing a $68 billion deficit, largely attributed to “a severe revenue decline in 2022-23.” The official budget for California, passed in late June, included $16 billion in spending cuts.

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