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:
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“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)
“While the focus in the landscape of Old World cities was commonly government structures, churches, or the residences of rulers, the landscape and the skyline of American cities have boasted their hotels, department stores, office buildings, apartments, and skyscrapers. In this grandeur, Americans have expressed their Booster Pride, their hopes for visitors and new settlers, and customers, for thriving commerce and industry.”
—Daniel J. Boorstin (b. 1914)
“... there was the first Balkan war and the second Balkan war and then there was the first world war. It is extraordinary how having done a thing once you have to do it again, there is the pleasure of coincidence and there is the pleasure of repetition, and so there is the second world war, and in between there was the Abyssinian war and the Spanish civil war.”
—Gertrude Stein (1874–1946)