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:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“The best road to correct reasoning is by physical science; the way to trace effects to causes is through physical science; the only corrective, therefore, of superstition is physical science.”
—Frances Wright (1795–1852)
“So the first it is written,
will be the twisted or the tortured individuals,
out of line, out of step with world so-called progress.”
—Hilda Doolittle (1886–1961)
“Those who dare to interpret God’s will must never claim Him as an asset for one nation or group rather than another. War springs from the love and loyalty which should be offered to God being applied to some God substitute, one of the most dangerous being nationalism.”
—Robert Runcie (b. 1921)