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:
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—Herbert Spencer (1820–1903)
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—Woodrow Wilson (1856–1924)
“The world is not merely the world. It is our world. It is not merely an industrial world. It is, above all things, a human world.”
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My words for stour, hath no blood of crimson
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—Ezra Pound (1885–1972)