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.
The warning comes just days after Bloomberg economists advised Americans to consider budgeting an extra $5,200 this year — or $433 monthly — to prepare for the effects of historically high inflation.
Inflation under the Biden administration has skyrocketed in the past year, rising at the fastest pace in four decades. Inflation is measured by the U.S. Consumer Price Index, which increased nearly 8% over the past 12 months, according to government data released for February 2022.
The dramatically inflated prices have reportedly resulted in 64% of Americans living paycheck to paycheck.
The last time inflation rose at such a fast rate was in 1982. That year, the U.S. economy went into a recession. Now, some experts are warning that another economic recession is "inevitable."
The Biden administration has been peddling a litany of excuses for the economic downturn — including the coronavirus pandemic, corporate greed, and Russian President Vladimir Putin's invasion of Ukraine — but American voters reportedly aren't buying it.
A plurality of respondents to a recent NBC News poll (38%) blamed President Joe Biden for the increase in the cost of consumer goods, while just 28% blamed the coronavirus pandemic, 23% blamed corporations raising prices, and only 6% blamed Putin.