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 war ii, effects of, effects, world and/or war:
“Today we know that World War II began not in 1939 or 1941 but in the 1920’s and 1930’s when those who should have known better persuaded themselves that they were not their brother’s keeper.”
—Hubert H. Humphrey (1911–1978)
“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)
“Society’s double behavioral standard for women and for men is, in fact, a more effective deterrent than economic discrimination because it is more insidious, less tangible. Economic disadvantages involve ascertainable amounts, but the very nature of societal value judgments makes them harder to define, their effects harder to relate.”
—Anne Tucker (b. 1945)
“If the world is a precipitation of human nature, so to speak, then the divine world is a sublimation of the same. Both occur in one act. No precipitation without sublimation. What goes lost there in agility, is won here.”
—Novalis [Friedrich Von Hardenberg] (1772–1801)
“This is no war for domination or imperial aggrandisement or material gain.... It is a war ... to establish, on impregnable rocks, the rights of the individual and it is a war to establish and revive the stature of man.”
—Winston Churchill (1874–1965)