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:
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“What has kept the world safe from the bomb since 1945 has not been deterrence, in the sense of fear of specific weapons, so much as it’s been memory. The memory of what happened at Hiroshima.”
—John Hersey (b. 1914)
“High on a throne of royal state, which far
Outshone the wealth of Ormus and of Ind,
Or where the gorgeous East with richest hand
Show’rs on her kings barbaric pearl and gold,
Satan exalted sat, by merit raised
To that bad eminence; and, from despair
Thus high uplifted beyond hope, aspires
Beyond thus high, insatiate to pursue
Vain war with Heav’n, and by success untaught,
His proud imaginations”
—John Milton (1608–1674)