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:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“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)
“I realized early on that the academy and the literary world alike—and I don’t think there really is a distinction between the two—are always dominated by fools, knaves, charlatans and bureaucrats. And that being the case, any human being, male or female, of whatever status, who has a voice of her or his own, is not going to be liked.”
—Harold Bloom (b. 1930)
“[John] Brough’s majority is “glorious to behold.” It is worth a big victory in the field. It is decisive as to the disposition of the people to prosecute the war to the end. My regiment and brigade were both unanimous for Brough [the Union party candidate for governor of Ohio].”
—Rutherford Birchard Hayes (1822–1893)