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:
“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)
“Let us learn to live coarsely, dress plainly, and lie hard. The least habit of dominion over the palate has certain good effects not easily estimated.”
—Ralph Waldo Emerson (1803–1882)
“As one who knows many things, the humanist loves the world precisely because of its manifold nature and the opposing forces in it do not frighten him. Nothing is further from him than the desire to resolve such conflicts ... and this is precisely the mark of the humanist spirit: not to evaluate contrasts as hostility but to seek human unity, that superior unity, for all that appears irreconcilable.”
—Stefan Zweig (18811942)
“In the present civil war it is quite possible that God’s purpose is something different from the purpose of either party.”
—Abraham Lincoln (1809–1865)