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)
“Consider what effects which might conceivably have practical bearings we conceive the object of our conception to have. Then our conception of these effects is the whole of our conception of the object.”
—Charles Sanders Peirce (1839–1914)
“The historian must have ... some conception of how men who are not historians behave. Otherwise he will move in a world of the dead. He can only gain that conception through personal experience, and he can only use his personal experiences when he is a genius.”
—E.M. (Edward Morgan)
“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)