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:
“Oh that my Pow’r to Saving were confin’d:
Why am I forc’d, like Heav’n, against my mind,
To make Examples of another Kind?
Must I at length the Sword of Justice draw?
Oh curst Effects of necessary Law!
How ill my Fear they by my Mercy scan,
Beware the Fury of a Patient Man.”
—John Dryden (1631–1700)
“Let us learn to live coarsely, dress plainly, and lie hard. The least habit of dominion over the palate has certain good effects not easily estimated.”
—Ralph Waldo Emerson (1803–1882)
“Columbus has sailed westward of these isles by the mariner’s compass, but neither he nor his successors have found them. We are no nearer than Plato was. The earnest seeker and hopeful discoverer of this New World always haunts the outskirts of his time, and walks through the densest crowd uninterrupted, and, as it were, in a straight line.”
—Henry David Thoreau (1817–1862)
“—Thus their hands are plucking at each other;
Picking at the rope-knouts of their scourging;
Snatching after us who smote them, brother,
Pawing us who dealt them war and madness.”
—Wilfred Owen (1893–1918)