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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“The change of Philomel, by the barbarous king
So rudely forced: yet there the nightingale
Filled all the desert with inviolable voice
And still she cried, and still the world pursues,
“Jug Jug” to dirty ears.”
—T.S. (Thomas Stearns)
“It’s always the generals with the bloodiest records who are the first to shout what a hell it is. And it’s always the war widows who lead the Memorial Day parades.”
—Paddy Chayefsky (1923–1981)