An “entitled generation” is about to face some life lessons from soaring consumer prices.
That’s according to BlackRock BLK, 0.66% President Rob Kapito, who made the remarks at a Texas Independent Producers and Royalty Owners Association conference in Austin, as reported by Bloomberg.
“For the first time, this generation is going to go into a store and not be able to get what they want,” said the co-founder of the world’s biggest asset manager. “And we have a very entitled generation that has never had to sacrifice.”
Consumer price inflation last month clocked in at a 40-year high of 7.9% year-over-year, with the Federal Reserve warning that higher prices may stick around for at least the next three years.
Kapito urged consumers to “put on their seat belts,” to cope with “scarcity inflation” as a lack of workers, housing availability and some commodities supplies takes a toll on the economy.
Recent Fed data has shown U.S. millennials have more than doubled their wealth since the pandemic started, though they remain far behind the Boomer generation. One tweeter pushed back against the BlackRock executive, zeroing in on his not-shoddy compensation, which reportedly came to $22.1 million in 2021.