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 best road to correct reasoning is by physical science; the way to trace effects to causes is through physical science; the only corrective, therefore, of superstition is physical science.”
—Frances Wright (1795–1852)
“This world nys but a thurghfare ful of wo,
And we been pilgrymes, passynge to and fro;
Deeth is an ende of every worldly soore.”
—Geoffrey Chaucer (1340–1400)
“The trumpets sound, the banners fly,
The glittering spears are ranked ready;
The shouts o’ war are heard afar,
The battle closes thick and bloody;
But it’s no the roar o’ sea or shore
Wad mak me langer wish to tarry;
Nor shout o’ war that’s heard afar,
Its leaving thee, my bonnie Mary.”
—Robert Burns (1759–1796)