WELCOME BACK, CARTER: Inflation has lessons for a ‘very entitled generation,’ says BlackRock co-founder.
An “entitled generation” is about to face some life lessons from soaring consumer prices.
That’s according to BlackRock 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.
Found via Carol Roth, who tweets, “No big deal, just the BlackRock founder who manages $10 trillion and is helping manipulate the market through ESG directives and the like and competing with millennials for homes telling them they need to learn to ‘sacrifice’ and deal with shortages…”
Related: “Former BlackRock investment executive Brian Deese leads Biden’s National Economic Council, effectively serving as his top advisor on economic matters. Biden also tapped Adewale ‘Wally’ Adeyemo, a former chief of staff to BlackRock chief executive and longtime Democrat Larry Fink, to serve as a top official at the Treasury Department. Meanwhile Michael Pyle, BlackRock’s former global chief investment strategist who had worked in the Obama administration before joining the firm, serves as chief economic advisor to Vice President Kamala Harris.”
As Glenn wrote in the New York Post earlier this month: Don’t pretend that high prices and American suffering are a ‘bug’ for the establishment — it’s a historic feature.