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)
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“That the world is a divine game and beyond good and evil:Min this the Vedanta philosophy and Heraclitus are my predecessors.”
—Friedrich Nietzsche (1844–1900)
“The dead have been awakened—shall I sleep?
The world’s at war with tyrants—shall I crouch?
The harvest’s ripe—and shall I pause to reap?
I slumber not; the thorn is in my couch;
Each day a trumpet soundeth in mine ear,
Its echo in my heart.”
—George Gordon Noel Byron (1788–1824)