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:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“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)
“The idea that information can be stored in a changing world without an overwhelming depreciation of its value is false. It is scarcely less false than the more plausible claim that after a war we may take our existing weapons, fill their barrels with cylinder oil, and coat their outsides with sprayed rubber film, and let them statically await the next emergency.”
—Norbert Wiener (1894–1964)
“There is something to be said for government by a great aristocracy which has furnished leaders to the nation in peace and war for generations; even a Democrat like myself must admit this. But there is absolutely nothing to be said for government by a plutocracy, for government by men very powerful in certain lines and gifted with the “money touch,” but with ideals which in their essence are merely those of so many glorified pawnbrokers.”
—Theodore Roosevelt (1858–1919)