- THE BLAZE - PHIL SHIVER - MAR 31, 2022 -
The president of the world's largest asset management company just issued a stark warning to members of America's "entitled generation."
BlackRock co-founder and president Robert Kapito said Tuesday that the global supply chain and soaring inflation crises will soon have dramatic effects on the U.S. economy that will result in a noticeable scarcity of goods not experienced before by many younger Americans.
That scarcity, he said, will likely be a shock to the system for many who are accustomed to an abundant and comfortable lifestyle.
"For the first time, this generation is going to go into a store and not be able to get what they want," Kapito said, adding, "We have a very entitled generation that has never had to sacrifice."
"I would put on your seatbelts, because this is something that we haven’t seen," he asserted, in reference to what he called "scarcity inflation."
Kapito's remarks, first reported by Bloomberg News, were made at the Texas Independent Producers and Royalty Owners Association convention — an annual gathering of oil and gas industry leaders.