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:
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“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)
“The world is never the same as it was.... And that’s as it should be. Every generation has the obligation to make the preceding generation irrelevant. It happens in little ways: no longer knowing the names of bands or even recognizing their sounds of music; no longer implicitly understanding life’s rules: wearing plaid Bermuda shorts to the grocery and not giving it another thought.”
—Jim Shahin (20th century)
“The trumpets sound, the banners fly,
The glittering spears are ranked ready;
The shouts o’ war are heard afar,
The battle closes thick and bloody;
But it’s no the roar o’ sea or shore
Wad mak me langer wish to tarry;
Nor shout o’ war that’s heard afar,
Its leaving thee, my bonnie Mary.”
—Robert Burns (1759–1796)