Kapito, who is also co-founder of BlackRock, the world's largest investor of other people's money, spoke this week at a conference of oil and gas producers in Austin, Texas.
"For the first time, this generation is going to go into a store and not be able to get what they want," Kapito said, according to Bloomberg News.
"And we have a very entitled generation that has never had to sacrifice," he said, according to the outlet.
BlackRock has about $10 trillion of clients' assets under management. As its president, the 65-year-old Kapito made $22 million last year, putting him in the top one-tenth of the richest one percent of Americans.
According to Kapito's comments, the economy is dealing with "scarcity inflation," which are shortages of commodities, housing and workers. "I would put on your seat belts because this is something that we haven't seen," Kapito said, according to Bloomberg.
Consumer prices are rising at nearly 8% year-over-year, the fastest rate since the early 1980s. Supply-chain disruptions during the coronavirus pandemic first led to price jumps for big-ticket items like cars, electronics and furniture. Those price hikes then spread throughout the economy as companies felt empowered to pass on higher costs.
INFLATION HOW TO COPE?