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)
“Oh that my Pow’r to Saving were confin’d:
Why am I forc’d, like Heav’n, against my mind,
To make Examples of another Kind?
Must I at length the Sword of Justice draw?
Oh curst Effects of necessary Law!
How ill my Fear they by my Mercy scan,
Beware the Fury of a Patient Man.”
—John Dryden (1631–1700)
“I have lately got back to that glorious society called Solitude, where we meet our friends continually, and can imagine the outside world also to be peopled. Yet some of my acquaintance would fain hustle me into the almshouse for the sake of society, as if I were pining for that diet, when I seem to myself a most befriended man, and find constant employment. However, they do not believe a word I say.”
—Henry David Thoreau (1817–1862)
“No spoon has yet destroyed a mouth, but the knife of war cuts portions that are hard to swallow. Perhaps the big mouths of the privileged are able to cope with them, but they dull the teeth of the little people and ruin their stomachs.”
—Franz Grillparzer (1791–1872)