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)
“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)
“The popularity of disaster movies ... expresses a collective perception of a world threatened by irresistible and unforeseen forces which nevertheless are thwarted at the last moment. Their thinly veiled symbolic meaning might be translated thus: We are innocent of wrongdoing. We are attacked by unforeseeable forces come to harm us. We are, thus, innocent even of negligence. Though those forces are insuperable, chance will come to our aid and we shall emerge victorious.”
—David Mamet (b. 1947)
“The British blockade won the war; but the wonder is that the British blockhead did not lose it. I suppose the enemy was no wiser. War is not a sharpener of wits.”
—George Bernard Shaw (1856–1950)