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)
“Whereas Freud was for the most part concerned with the morbid effects of unconscious repression, Jung was more interested in the manifestations of unconscious expression, first in the dream and eventually in all the more orderly products of religion and art and morals.”
—Lewis Mumford (1895–1990)
“The world is independent of my will.”
—Ludwig Wittgenstein (1889–1951)
“Our job is now clear. All Americans must be prepared to make, on a 24 hour schedule, every war weapon possible and the war factory line will use men and materials which will bring, the war effort to every man, woman, and child in America. All one hundred thirty million of us will be needed to answer the sunrise stealth of the Sabbath Day Assassins.”
—Lyndon Baines Johnson (1908–1973)