Millionaire BlackRock CEO slammed for comments on inflation and a 'very entitled generation'

Millionaire BlackRock CEO slammed for comments on inflation and a 'very entitled generation'

The COVID-19 pandemic has killed more than 6.1 million people worldwide (according to Johns Hopkins University in Baltimore), presented major challenges to brick-and-mortar businesses, created supply shortages and brought with it the worst inflation since the early 1980s — and now, the Ukraine/Russia conflict is threatening to make inflation even worse. Robert S. Kapito, the 65-year-old president and co-founder of the BlackRock investment firm, addressed inflation and shortages at an energy conference in Austin, Texas on March 29. And Kapito is drawing vehement criticism for a comment about a “very entitled generation.”

Kapito, whose net worth is estimated to be around $400 million, told attendees, “For the first time, this generation is going to go into a store and not be able to get what they want. And we have a very entitled generation that has never had to sacrifice.”

The BlackRock president/co-founder predicted that inflation will only get worse in the months ahead, saying, “I would put on your seat belts because this is something that we haven't seen.”

Keith Griffith, a reporter for the U.K.-based Daily Mail, reports, “It was not clear from his remarks which generation of Americans Kapito considered to be 'entitled', and a BlackRock spokesperson did not immediately respond to an inquiry from on (March 30). Meanwhile, economists with Bloomberg are warning that the average American should budget an extra $5200 this year for higher prices — or an extra $433 every month. Economists Andrew Husby and Anna Wong write that households can expect to pay thousands more in 2022 for the same basket of goods and services they used last year.”

Husby and Wong, Griffith notes, “estimate that higher food and energy costs will account for about $2200 of the extra $5200 that households can expect to pay this year.”

“Inflation is likely to spike even higher in March, as the impact of soaring fuel prices is taken into account,” Griffith reports. “The latest data showed the price of basic necessities rising sharply, with groceries up 8.6% from a year ago, shelter rising 4.7%, clothing up 6.6%, and energy up 25.6%.”

Kapito is drawing a great deal of criticism for his “very entitled generation” comment. And the “never had to sacrifice” part is especially tone-deaf in light of the fact that the Great Recession of the late 2000s and early 2010s was the worst economic crisis since the Great Depression of the 1930s.

Producer/writer Luke Rudkowski tweeted:

Kyle Kulinski, who hosts “The Kyle Kulinski Show,” slammed Kapito as well, posting:

Here are some more reactions to Kapito’s comments:

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ }}
@2023 - AlterNet Media Inc. All Rights Reserved. - "Poynter" fonts provided by