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:
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“They [the children] live in a world of delightful imagination; they pursue persons and objects that never existed; they make an Argosy laden with gold out of a floating butterfly,—and these stupid [grown-up people] try to translate these things into uninteresting facts.”
—Woodrow Wilson (1856–1924)
“Our young people have come to look upon war as a kind of beneficent deity, which not only adds to the national honor but uplifts a nation and develops patriotism and courage. That is all true. But it is only fair, too, to let them know that the garments of the deity are filthy and that some of her influences debase and befoul a people.”
—Rebecca Harding Davis (1831–1910)