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:
“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)
“to become a pimp
Or deal in fake jewelry or ruin a fine tenor voice
For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“The hotel was once where things coalesced, where you could meet both townspeople and travelers. Not so in a motel. No matter how you build it, the motel remains the haunt of the quick and dirty, where the only locals are Chamber of Commerce boys every fourth Thursday. Who ever heard the returning traveler exclaim over one of the great motels of the world he stayed in? Motels can be big, but never grand.”
—William Least Heat Moon [William Trogdon] (b. 1939)
“The slanders poured down like Niagara. If you take into consideration the setting—the war and the revolution—and the character of the accused—revolutionary leaders of millions who were conducting their party to the sovereign power—you can say without exaggeration that July 1917 was the month of the most gigantic slander in world history.”
—Leon Trotsky (1879–1940)