‘Idiots with money’: Robert Kiyosaki blasts Biden and Harris — claims that nobody has 'done more damage' to the American economy. Here are the facts

Jing Pan
‘Idiots with money’: Robert Kiyosaki blasts Biden and Harris — claims that nobody has 'done more damage' to the American economy. Here are the facts
‘Idiots with money’: Robert Kiyosaki blasts Biden and Harris — claims that nobody has 'done more damage' to the American economy. Here are the facts

‘Rich Dad Poor Dad’ author Robert Kiyosaki has strong opinions on how America’s previous and current leadership handle money.

This viewpoint came up during a recent interview with Fox Business when host Neil Cavuto asked Kiyosaki about Bitcoin. As an early adopter of the cryptocurrency, Kiyosaki expressed his approval of former President Donald Trump attending a Bitcoin conference.

“The reason I'm happy that Donald is speaking at the Bitcoin Conference is because, as you know, he's a genius with money, and Biden and Kamala are idiots with money,” Kiyosaki stated. “So, I mean, nobody has done more damage to the economy than Biden and Kamala.”

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Cavuto noted America's debt problem, regardless of whether Trump or Biden was in the White House. “It's not as if Donald Trump didn't run up a lot of debt during his presidency, even before COVID,” he remarked.

Kiyosaki acknowledged the severity of the debt issue.

“The real problem is the national debt — that they can't solve it,” he said. “So that's why, rather than wring my fingers and crack my knuckles about the national debt, that's why, for years, you know, Neil … people saying, buy silver, gold, and now I say, buy Bitcoin, because we need sound money. If you want to fix the world, fix our money.”

Trillions and counting

The growth of America's national debt has been a significant issue under both the Trump and Biden administrations. During Trump's tenure from January 2017 to January 2021, the national debt increased by approximately $7.8 trillion, rising from around $19.9 trillion to nearly $27.7 trillion. This surge was driven by several factors, including the implementation of large tax cuts, increased defense spending, and substantial fiscal stimulus measures in response to the COVID-19 pandemic.

Under President Biden, the national debt has continued to grow, reaching $34.99 trillion, per the latest figures from the Treasury Department. Key contributors to this increase include the passage of multiple stimulus packages aimed at mitigating the economic impact of the pandemic, as well as ongoing investments in infrastructure, education, and social programs.

While these expenditures have been aimed at supporting economic recovery and addressing long-term structural issues, they have also contributed to the rising debt levels.

Both administrations have faced criticism for their handling of the national debt, with debates centering on the balance between necessary spending to support the economy and the long-term implications of accumulating debt.

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Economic performance

The economic performance of the U.S. under Presidents Trump and Biden has also been a topic of intense debate, complicated by the exogenous impact of the COVID-19 pandemic.

Under Trump, U.S. GDP expanded by approximately 2.6% annually in the first three years. However, the onset of the pandemic in 2020 brought unprecedented challenges. The economy faced a severe contraction due to widespread lockdowns and disruptions. In 2020, U.S. GDP contracted by 2.2%.

Under Biden, GDP growth has been notable despite initial concerns about a potential recession due to high inflation and rising interest rates. In 2021, the GDP grew by 5.8%, driven by a strong recovery from the pandemic downturn. In 2022, the GDP growth rate was 1.9%, and in 2023 it continued at a rate of 2.5%.

The labor market followed a similar pattern. The unemployment rate during Trump's presidency averaged around 4% in his first three years. It reached a historic low of 3.5% in February 2020, right before the pandemic caused it to spike to 14.8% by April 2020.

Biden inherited an economy still recovering from the pandemic with an unemployment rate of 6.4% in January 2021. Under his administration, the unemployment rate fell to 3.4% by January 2023, marking the lowest rate since 1969. This rate has since risen, reaching 4.1% as of June 2024.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.