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:
“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)
“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)
“What an infernal set of fools those schoolmarms must be! Well, if in order to please men they wish to live on air, let them. The sooner the present generation of women dies out, the better. We have idiots enough in the world now without such women propagating any more.”
—Elizabeth Cady Stanton (1815–1902)
“We hoped for a happy termination of this terrible war long before this; but God knows best, and has ruled otherwise.”
—Abraham Lincoln (1809–1865)