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, world and/or war:
“Trade and commerce, if they were not made of India-rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way; and, if one were to judge these men wholly by the effects of their actions and not partly by their intentions, they would deserve to be classed and punished with those mischievous persons who put obstructions on the railroads.”
—Henry David Thoreau (1817–1862)
“I passed a little further on and heard a lotus talk:
Who made the world and ruleth it, He hangeth on a stalk,
For I am in His image made, and all this tinkling tide
Is but a sliding drop of rain between His petals wide.”
—William Butler Yeats (1865–1939)
“Unless they are immediate victims, the majority of mankind behaves as if war was an act of God which could not be prevented; or they behave as if war elsewhere was none of their business. It would be a bitter cosmic joke if we destroy ourselves due to atrophy of the imagination.”
—Martha Gellhorn (b. 1908)