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:
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“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)
“There is nothing in the world I hold in greater horror than to see a body moving against its head: and I shall be very careful not to ally myself with such a monster.”
—Elizabeth I (1533–1603)
“I realized how for all of us who came of age in the late sixties and early seventies the war was a defining experience. You went or you didn’t, but the fact of it and the decisions it forced us to make marked us for the rest of our lives, just as the depression and World War II had marked my parents.”
—Linda Grant (b. 1949)