Posted on 03/30/2022 10:55:07 AM PDT by blam
Millennials (born between 1981 to 1996) have spent much of their lives living in an economic utopia where goods are cheap and plentiful. Unlike the generations before, these youngsters have yet to experience rapid inflation and shortages until now.
On Tuesday, BlackRock Inc. President Rob Kapito told an audience in Austin, Texas, hosted by the Texas Independent Producers and Royalty Owners Association, that an entire younger generation is quickly finding out what it means to suffer from shortages, according to Bloomberg.
“For the first time, this generation is going to go into a store and not be able to get what they want,” Kapito said. “And we have a very entitled generation that has never had to sacrifice.”
He said the economy suffers from “scarcity inflation” due to the fallout of labor shortages, lack of agricultural supplies and affordable housing, and high energy prices.
Perhaps the latest data from the Conference Board’s Consumer Confidence captures the mood of millennials, which by the way, is not great at the moment. Their confidence in future economic expectations is slumping.
Inflation at a four-decade high is hampering households’ ability to spend. Their real wage gains are negative when factoring in inflation, and their inflation expectations in March soared to a record high. Inflation fears aren’t going away.
Weakening sentiment and worrisome inflation are because not everyone can easily navigate today’s economic turmoil. Younger generations tend to be renters, own nothing, and have limited savings as they spend well beyond their limits.
Kapito warned: “I would put on your seat belts because this is something that we haven’t seen.”
Some folks are not entirely enthused by Kapito’s comments…
The president of BlackRock calls Americans who don’t want to pay $10 a gallon for gas or not be able to feed their families “entitled”
I support eating the rich during these difficult times pic.twitter.com/qxgB9hrjlF
— Pedro L. Gonzalez (@emeriticus) March 30, 2022
I say we sacrifice him first.
“Entitled”? We’re so called ‘entitled’ that we are in the position to make choices?
Young comrades, if you vote for Communists, and get your way, expect a CCCP lifestyle.
It’s truly the perfect storm.
Lockdowns, pulling labor and killing productivity.
Free government money increasing demand.
Quantitative easing increasing money supply.
Reducing energy production.
Sanctions pulling large percentages of commodities off market.
If one wanted to create the situations for hyper inflation, you could not do better than the above.
Many of us will be lucky to live through it.
Are there no iPhones connectable to Amazon?
I suspect Joe Biden’s henchwomen are getting advice from Greenwich’s most greedy.
Those “entitled” individuals deserve rapid inflation and shortages because they’re “entitled “. They deserve to suffer for the sin of “entitlement”.
Dear Pedro L. Gonzalez,
RE: yours about wishing to “eat the rich”
....its a matter of personal taste. they don’t look very appetizing to me
I second that motion
The worst part about this economy and what they're predicting in the near future, is that it's all very solvable. Governments have shown that they're not the answer, and they're certainly not the great saviors that liberals want them to be. Governments need to get out of the way, and take their "grand resets" with them.
And these millennials, like PsychoPsaki & half the staffers in the WH, love lecturing the rest of us about how well things are going under Biden and how much better life will be after we “go green.” They don’t have a freaking clue! The ride will be even bumpier for them when they have to walk everywhere because there’s no Uber or forego their usual meal delivery because the drivers have quit. 🤣
Last year she said we saved 16 cents on our July 4th picnic purchases. This year we will only have 16 cents in our wallets to spend.
Last fall there were reports that China had started hoarding food. Many of us laughed at that concept as conspiracy stuff.
But here we are now in spring with a 25% estimated drop in grains for this year due to Ukraine/Russia war.
One doesn’t normally hoard food in a crisis, one does so before the “crisis.” The argument could be made that China knew months ago that Russia had plans regarding Ukraine and it would trigger food shortages globally. We Americans we quite ignorant in that regard.
Biden is making severe errors regarding oil. The normal channels are not even taking our phone calls! Seriously, that’s not hyperbole. China is an energy hungry nation and they will do whatever it takes to get the oil, gas, coal they need. In the meantime, leftists in America are telling the poor to buy tesla’s, eat lentil porridge, and stop buying in bulk.
The United States is going to find itself in more than a world of hurt 4 months from now. Sanctions did nothing to stop Putin, do you really think they will stop China from going into Taiwan? Sure let’s sanction China, the rest of the world is staged to trade in other currencies.
Reality check that many even here on FR will call BS:
Gas will be unaffordable for most people.
Americans will not just be malnourished, they will be waking up to the fact they will starve or freeze this winter.
November elections are too late to repair the damage. In fact, clear, cold hard fact, it is too late already. November Republicans must be on a war footing both existentially and internally. The ‘swamp’ must be drained. Every rotten log, stone, must be overturned and removed. (I don’t see that happening, do you?)
Millions will be drafted into service either for war or to feed fellow citizens with what little they can ration.
Biden doesn’t have what it takes to rally the people. When President Trump was faced with the Sars-Cov-2 crisis and no masks, no ventilators, etc. he was able to rally companies to step up. Biden doesn’t have that in him, nor does his regime.
And when enough citizens realize what has happened...well SHTF time unlike we have ever witnessed before. America is just about ripe for the piking.
Add on top of all that millions of people rushing over the border to compete with Americans for what little food there will be.
Democrats are always saying we need to do with less while the democrat politicians never do with less themselves.
Yeah, I thought of that after I hit the post button.
My point being Biden is doing so many things wrong, failing to think long term or at least look down the field, it is beyond a single mistake.
Americans paying attention can see it, we are not conspiracy nut cases, and we need to start thinking outside the beltway if our country is going to survive.
Big cities are going to be a mess. Suburbs will fight for a while and fall. Small town America, if they have a good mayor, should be having serious discussions on how to ‘protect’ their citizens, work with their communities, etc. to survive this debacle for the next decade.
I am figuring we have about 4 months before the world here really BEGINS to crack. People are already fleeing the big cities after the events of 2020. That migration will only increase.
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