California
California is 'going bust,' finance expert who predicted Lehman collapse warns
The Rich Dad Company co-founder weighs in on California’s failures and why entrepreneurship is important amid the tech evolution.
Financial expert Robert Kiyosaki is predicting a grim fate for the country’s Golden State.
The Rich Dad Company co-founder warned that California is “going bust” amid poor financial management and fleeing residents during his appearance on “The Big Money Show” on Monday.
Kiyosaki, who predicted the 2008 Lehman Brothers collapse, said that California is the “lead state” and could potentially bring down other states who follow its progressive agenda.
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The financial expert’s comments echo his criticism he posted about the state on “X” in July.
Kiyosaki told users that “California is a BELL-Weather state. That means what happens in California happens to the rest of the US.”
“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. Since California is a Bell Weather state and is going broke, which states will follow?” he wrote in the post.
Kiyosaki admitted to moving away from the state and asked users whether it was time for them to move as well.
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Earlier this year, more than 86% of business owners in California said that crime has increased in their area, while 67% from the same survey claimed to be considering moving their headquarters out of the Golden State, according to RedBalloon and PublicSq.’s February Freedom Economy Index.
“You know, I think it’s interesting that one of the greatest entrepreneurs of our time, Elon Musk, is leaving. What does that tell you?” he asked.
Co-host of ‘The Big Money Show’ Brian Brenberg analyzes the latest inflation data and discusses California’s $20 minimum wage increase.
The tech pioneer announced that SpaceX and X’s headquarters would move to Texas, citing California’s laws that attack “both families and companies” as the “final straw” in a post on “X.”
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FOX Business’ Kristen Altus and Joshua Nelson contributed to this report