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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“The world is a beautiful book, but of little use to him who cannot read it.”
—Carlo Goldoni (1707–1793)
“When they are not at war they do a little hunting, but spend most of their time in idleness, sleeping and eating. The strongest and most warlike do nothing. They vegetate, while the care of hearth and home and fields is left to the women, the old and the weak. Strange inconsistency of temperament, which makes the same men lovers of sloth and haters of tranquility.”
—Tacitus (c. 55–c. 120)