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 war ii, effects of, effects, world and/or war:
“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)
“Trade and commerce, if they were not made of India-rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way; and, if one were to judge these men wholly by the effects of their actions and not partly by their intentions, they would deserve to be classed and punished with those mischievous persons who put obstructions on the railroads.”
—Henry David Thoreau (1817–1862)
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“Evolution was in a strange mood when that creation came along.... It makes one wonder just where the plant world leaves off and the animal world begins.”
—John Colton (1886–1946)
“At Flores in the Azores Sir Richard Grenville lay,
And a pinnace, like a fluttered bird, came flying from far away:
‘Spanish ships of war at sea! we have sighted fifty-three!’”
—Alfred Tennyson (1809–1892)