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)
“If I had any doubts at all about the justice of my dislike for Shakespeare, that doubt vanished completely. What a crude, immoral, vulgar, and senseless work Hamlet is. The whole thing is based on pagan vengeance; the only aim is to gather together as many effects as possible; there is no rhyme or reason about it.”
—Leo Tolstoy (1828–1910)
“A proper autobiography is a death-bed confession. A true man finds so much work to do that he has no time to contemplate his yesterdays; for to-day and to-morrow are here, with their impatient tasks. The world is so busy, too, that it cannot afford to study any man’s unfinished work; for the end may prove it a failure, and the world needs masterpieces.”
—Mary Antin (1881–1949)
“Soldier, there is a war between the mind
And sky, between thought and day and night. It is
For that the poet is always in the sun,
Patches the moon together in his room
To his Virgilian cadences, up down,
Up down. It is a war that never ends.”
—Wallace Stevens (1879–1955)