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.