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:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“My dream is that as the years go by and the world knows more and more of America, it ... will turn to America for those moral inspirations that lie at the basis of all freedom ... that America will come into the full light of the day when all shall know that she puts human rights above all other rights, and that her flag is the flag not only of America but of humanity.”
—Woodrow Wilson (1856–1924)
“There are no accidents, only nature throwing her weight around. Even the bomb merely releases energy that nature has put there. Nuclear war would be just a spark in the grandeur of space. Nor can radiation “alter” nature: she will absorb it all. After the bomb, nature will pick up the cards we have spilled, shuffle them, and begin her game again.”
—Camille Paglia (b. 1947)