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 ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“Sadness does not inhere in things; it does not reach us from the world and through mere contemplation of the world. It is a product of our own thought. We create it out of whole cloth.”
—Emile Durkheim (1858–1917)
“I certainly know that if the war fails, the administration fails, and that I will be blamed for it, whether I deserve it or not. And I ought to be blamed, if I could do better. You think I could do better; therefore you blame me already. I think I could not do better; therefore I blame you for blaming me.”
—Abraham Lincoln (1809–1865)