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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“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)
“She had been getting ready for her great journey to the horizons in search of people; it was important to all the world that she should find them and they find her, but she had been whipped like a cur dog, and run off down a back road after things.”
—Zora Neale Hurston (1891–1960)
“I really don’t think this war will end soon. We are completely aware of the difficulties, no food or fuel, the danger, but we want to be stronger than all that. With each child, we are fighting back with our love of life.”
—Tina Bajraktarebic (b. 1965)