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:
“Whereas Freud was for the most part concerned with the morbid effects of unconscious repression, Jung was more interested in the manifestations of unconscious expression, first in the dream and eventually in all the more orderly products of religion and art and morals.”
—Lewis Mumford (1895–1990)
“to become a pimp
Or deal in fake jewelry or ruin a fine tenor voice
For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“I consider women a great deal superior to men. Men are physically strong, but women are morally better.... It is woman who keeps the world in balance.”
—Mrs. Chalkstone, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 2, ch. 16, by Elizabeth Cady Stanton, Susan B. Anthony, and Matilda Joslyn Gage (1882)
“Do not weep, maiden, for war is kind”
—Stephen Crane (1871–1900)