BlackRock President Rob Kapito claimed that an “entitled generation” will be shocked by how upcoming shortages in labor and raw materials will remove normal items from shelves.
Kapito, 65, stated that recent inflation is going to keep having a significant impact on the global economy and will push an entire generation to deal with a wave of shortages, according to Bloomberg. “For the first time, this generation is going to go into a store and not be able to get what they want,” Kapito told the Texas Independent Producers and Royalty Owners Association at a conference Tuesday. “We have a very entitled generation that has never had to sacrifice.”
BlackRock’s president warned of inflation’s dramatic effects, with an “entitled generation” now learning what it means to suffer from shortages https://t.co/HaybYqLAqE
— Bloomberg (@business) March 30, 2022
Kapito described the economic situation as having “scarcity inflation” caused by the shortage of workers and agricultural materials, as well as housing and even oil and gas in areas, Bloomberg continued. (RELATED: Here’s How To Fight Inflation Without Destroying The American Worker)
“I would put on your seat belts because this is something that we haven’t seen,” Kapito reportedly continued. Kapito is the co-founder of BlackRock and worth an estimated $400 million, reportedly raking in $24.6 million in compensation in 2020, according to the Daily Mail.
Some economists have estimated Americans should prepare to spend an additional $433 per month for basic household goods due to inflation, according to another Bloomberg report. The extra $5,200 per year for consumers is based on analysis from economists that focused on everyday goods and services, the outlet continued.