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BlackRock President Says “Entitled Generation” Needs to Brace for Shock of Shortages, Higher Inflation as Experts Warn Americans Will Pay Extra $433/Month This Year
The president of BlackRock investment firm has said that an “entitled generation” of Americans will face the shock of goods shortages for the first time in their lives as supply chain disruptions continue to spur high inflation.
“For the first time, this generation is going to go into a store and not be able to get what they want,” BlackRock co-founder Rob Kapito said at an energy conference in Austin, Texas on Tuesday (March 29), according to Bloomberg.
“And we have a very entitled generation that has never had to sacrifice,” he added.
“I would put on your seat belts because this is something that we haven’t seen,” said Kapito, who blamed a shortage of workers, energy and agricultural supplies for soaring “scarcity inflation.”
‘I would put on your seat belts because this is something that we haven’t seen,’ said Kapito, who blamed a shortage of workers, energy and agricultural supplies for soaring ‘scarcity inflation’.
It was not clear from his remarks which generation of Americans Kapito considered to be ‘entitled’, and a BlackRock spokesperson did not immediately respond to an inquiry from DailyMail.com on Wednesday.
Meanwhile, economists with Bloomberg are warning that the average American should budget an extra $5,200 this year for higher prices – or an extra $433 every month.
Economists Andrew Husby and Anna Wong write that households can expect to pay thousands more in 2022 for the same basket of goods and services they used last year.