BlackRock CEO: ‘We’re gonna have higher inflation’ but that will ‘help’ because of ‘wage inflation’

Admission of “stickier inflation” set off a new stage of gaslighting from BlackRock CEO Larry Fink as rising prices were pitched as a “help” to “people who are worried.”

(Video: CNBC)

The rose-tinted aviators through which President Joe Biden viewed the economy stood in stark contrast to an admission from his billionaire pal with fingers in pots across the country. While the president had sought to sell consumers on corporate greed and shrinkflation as their source of their woes with American inflation “the lowest in the world,” Fink said “we’re gonna have higher inflation” and retirement may have gone the way of the dinosaurs.

On Tuesday, the stock market string-puller spoke with CNBC’s “Mad Money” host Jim Cramer who endeavored to sell the audience on the notion that the next generation will, as has had happened in the past, surpass the previous generation in amassing wealth.

“How do we convince them, like we were convinced by our parents, that we are gonna make more than they did?” he asked. “I knew, from day one, my father said, you will make more than I do, and that’s what’s going to happen to you. And I had, every Thanksgiving,…you’re going to make more than I do. My kid — no kid I know thinks they’re going to make anywhere near what our generation did.”

Attributing past successes to luck rather than economic policies that weren’t riddled with Marxism and the toxic results of public-private partnerships, Fink replied, “I’m more bullish on that, Jim. I think that there’s gonna be — there’s so much room for innovation. At the same time, we were at a lucky part…we were in a lucky era, and, — but we were in a lucky era because we had the foundation of growth as an economy, and that’s why I’m calling — we need to be thinking about, not cutbacks. We need to be talking about how do we grow, how do we build.”

It was then that the meddlesome CEO made present the puppeteering hand that supplanted Adam Smith’s “invisible” metaphor as he pushed the ESG agenda with an admission that Americans were going to feel the sting.

“If we start really building out our infrastructure in our country, if we start working on digitization and decarbonization, we are gonna create a lot of jobs. And wages are going up. This is why, as you know, I’ve been talking about higher inflation for longer — stickier inflation — and I still believe we’re gonna have higher inflation than most people believe,” he admitted, “and much of that is gonna help those people who are worried.”

“I mean wage inflation is continuing,” Fink argued and couched, “Food inflation has moderated in the last six to 12 months.”

After attaining 40-year highs for inflation and record-breaking gas prices, the corporatist further admitted that manipulating metrics had allowed the expert class to downplay what every household in America felt every time they had to open their wallet.

“But we did not account for how much inflation we had in late ’22 and early ’23. If you add up food inflation, if you add up all the measures — the way you measured inflation back in the 80s — inflation was close to 12%, not what they said, for the average person, and that’s what they felt,” said Fink.

As for those worried about having to work themselves to their graves, the billionaire acknowledge “a lot of young people don’t even have the money to live a proper life. But there are many who are going to — working at fine organizations, fine companies. And we all have that responsibility to help them down that pathway.”

Later he added, “And if you don’t have enough for your rent, obviously, you’re not going to save for retirement,” and went on to speak to the “massive blessing” of living longer when “most people in this country do not have backbreaking jobs, like we had 50, 100, 200 years ago. What is wrong about working longer, okay? We have to change our psyche.”

Kevin Haggerty


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