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)
“If one judges love according to the greatest part of the effects it produces, it would appear to resemble rather hatred than kindness.”
—François, Duc De La Rochefoucauld (1613–1680)
“The science, the art, the jurisprudence, the chief political and social theories, of the modern world have grown out of Greece and Rome—not by favor of, but in the teeth of, the fundamental teachings of early Christianity, to which science, art, and any serious occupation with the things of this world were alike despicable.”
—Thomas Henry Huxley (1825–95)
“This is not only a war of soldiers in uniform. It is a war of the people, of all the people, and it must be fought not only on the battlefield but in the cities and the villages, in the factories and on the farms, in the home and in the heart of every man, woman and child who loves freedom.”
—Arthur Wimperis (1874–1953)