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:
“Trade and commerce, if they were not made of India-rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way; and, if one were to judge these men wholly by the effects of their actions and not partly by their intentions, they would deserve to be classed and punished with those mischievous persons who put obstructions on the railroads.”
—Henry David Thoreau (1817–1862)
“Consider what effects which might conceivably have practical bearings we conceive the object of our conception to have. Then our conception of these effects is the whole of our conception of the object.”
—Charles Sanders Peirce (1839–1914)
“As our actual present world ... shows itself more clearly—our world of an aristocracy materialised and null, a middle-class purblind and hideous, a lower class crude and brutal—we shall turn our eyes again, and to more purpose, upon this passionate and dauntless soldier of a forlorn hope.”
—Matthew Arnold (1822–1888)
“It’s always the generals with the bloodiest records who are the first to shout what a hell it is. And it’s always the war widows who lead the Memorial Day parades.”
—Paddy Chayefsky (1923–1981)