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 I had any doubts at all about the justice of my dislike for Shakespeare, that doubt vanished completely. What a crude, immoral, vulgar, and senseless work Hamlet is. The whole thing is based on pagan vengeance; the only aim is to gather together as many effects as possible; there is no rhyme or reason about it.”
—Leo Tolstoy (1828–1910)
“Cleopatra: Was I right to avenge myself?... Caesar: If one man in all the world can be found, now or forever, to know that you did wrong, that man will have either to conquer the world as I have, or be crucified by it.”
—George Bernard Shaw (1856–1950)
“Once lead this people into war and they will forget there ever was such a thing as tolerance.”
—Woodrow Wilson (1856–1924)