Effects of World War II
Economists assert that the largest transfer of wealth will be as the older generation leaves wealth to the baby boomers. Inheritance has been estimated to make up 6% of the US GDP each year. The current generation is wealthier than any generation before. This increase in wealth and inheritance indicates a rise of "old money" in American families. Stephen Haseler argues that America is becoming an inheritance culture in which much economic opportunity is from family inheritance and not personal achievement.
Read more about this topic: Old Money
Famous quotes containing the words effects of, effects, world and/or war:
“Each of us, even the lowliest and most insignificant among us, was uprooted from his innermost existence by the almost constant volcanic upheavals visited upon our European soil and, as one of countless human beings, I can’t claim any special place for myself except that, as an Austrian, a Jew, writer, humanist and pacifist, I have always been precisely in those places where the effects of the thrusts were most violent.”
—Stefan Zweig (18811942)
“to become a pimp
Or deal in fake jewelry or ruin a fine tenor voice
For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“In former times and in less complex societies, children could find their way into the adult world by watching workers and perhaps giving them a hand; by lingering at the general store long enough to chat with, and overhear conversations of, adults...; by sharing and participating in the tasks of family and community that were necessary to survival. They were in, and of, the adult world while yet sensing themselves apart as children.”
—Dorothy H. Cohen (20th century)
“When they are not at war they do a little hunting, but spend most of their time in idleness, sleeping and eating. The strongest and most warlike do nothing. They vegetate, while the care of hearth and home and fields is left to the women, the old and the weak. Strange inconsistency of temperament, which makes the same men lovers of sloth and haters of tranquility.”
—Tacitus (c. 55–c. 120)