Inflation under the Biden administration has skyrocketed…
Black Rock president warns ‘entitled generation that has never had to sacrifice’ that they will soon face shock due to major shortages: ‘Put on your seatbelts’
Phil Shiver March 31, 2022
The president of the world’s largest asset management company just issued a stark warning to members of America’s “entitled generation.”
Black Rock 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.
Biden admitting there’s a food shortage, while at the same time bringing in more refugees, which creates more mouths to feed & less food for the American people. The inevitable is on the horizon …