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)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“Ye purs, that been to me my lives light
And saviour, as in this world down here,
Out of this tonne helpe me thurgh your might,”
—Geoffrey Chaucer (1340?–1400)
“Against war one might say that it makes the victor stupid and the vanquished malicious. In its favor, that in producing these two effects it barbarizes, and so makes the combatants more natural. For culture it is a sleep or a wintertime, and man emerges from it stronger for good and for evil.”
—Friedrich Nietzsche (1844–1900)