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, world and/or war:
“Perspective, as its inventor remarked, is a beautiful thing. What horrors of damp huts, where human beings languish, may not become picturesque through aerial distance! What hymning of cancerous vices may we not languish over as sublimest art in the safe remoteness of a strange language and artificial phrase! Yet we keep a repugnance to rheumatism and other painful effects when presented in our personal experience.”
—George Eliot [Mary Ann (or Marian)
“In this world there are two tragedies. One is not getting what one wants, and the other is getting it. The last is much the worst.”
—Oscar Wilde (1854–1900)
“The poetry of heroism appeals irresistibly to those who don’t go to a war, and even more to those whom the war is making enormously wealthy. It’s always so.”
—Louis-Ferdinand Céline (1894–1961)