BlackRock president warns ’entitled generation’ to ‘put their seatbelts on’ over speeding inflation

BlackRock President Rob Kapito warned that a "very entitled" generation of young people would soon have to face shortages for the first time in their lives as some goods grow scarce because of rising inflation.

“For the first time, this generation is going to go into a store and not be able to get what they want,” Kapito said Tuesday at the Texas Independent Producers and Royalty Owners Association conference—an annual oil and gas industry convention.

“We have a very entitled generation that has never had to sacrifice,” Kapito added, Bloomberg reported.

Without stating exactly which generation he was referring to, Kapito said that many people who had always had everything available to them at the supermarket would soon face “scarcity inflation”—the consequence of shortages in anything from workers to oil, housing or silicon chips.