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)
“Let us learn to live coarsely, dress plainly, and lie hard. The least habit of dominion over the palate has certain good effects not easily estimated.”
—Ralph Waldo Emerson (1803–1882)
“Men of all professions affect such an air and appearance as to seem to be what they wish to be believed to be—so that one might say the whole world is made up of nothing but appearances.”
—François, Duc De La Rochefoucauld (1613–1680)
“This war no longer bears the characteristics of former inter-European conflicts. It is one of those elemental conflicts which usher in a new millennium and which shake the world once in a thousand years.”
—Adolf Hitler (1889–1945)