Robert Kiyosaki Explains How To Figure Out If The Economy Is In A Recession: 'My Rich Dad Said...'

‘Rich Dad, Poor Dad' author Robert Kiyosaki has explained his take on figuring out whether the economy is in a recession or not given the increasing commentary about a downturn.

‘There is a lot of hot air about "Are we in a recession or not." The answer is simple. My rich dad said "If your neighbor loses his job, the economy is in a recession. You lose job, economy in depression. KISS. Keep It Super Simple,' he said in his tweet. Kiyosaki advocated taking up entrepreneurship and advised to never be in situation needing a job.

Also Read: How To Buy Bitcoin (BTC)

The author's comments come at a time when the Federal Reserve has indicated it would raise rates by another 50 basis points this year. Chair Jerome Powell reiterated the Fed's dedication to bring inflation down to the 2% goal, during his Wednesday testimony before the House Financial Services Committee. On Thursday, he said before a Senate Banking committee that the central bank does not see rate cuts happening any time soon.

The fear about a potential recession has resurfaced especially after market participants began weighing the possibilities of extended rate hikes following the Bank of England hiking rates by 50 basis points after May witnessed a higher-than-expected inflation print.

Last month, Kiyosaki had advised buying gold, silver and Bitcoin BTC/USD as he predicted the economy may witness a ‘crash landing.'

Price Action: Major Wall Street indices, however, ended in the green on Thursday as Powell concluded his testimony. The SPDR S&P 500 ETF Trust SPY closed 0.36% higher while the Invesco QQQ Trust Series 1 QQQ gained 1.18%.

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