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:
“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)
“Corporate America will likely be motivated to support child care when it can be shown to have positive effects on that which management is concerned about—recruitment, retention and productivity. Indeed, employers relate to child care as a way to provide growth fostering environments for young managers.”
—Dana E. Friedman (20th century)
“Man is made of the same atoms the world is, he shares the same impressions, predispositions, and destiny. When his mind is illuminated, when his heart is kind, he throws himself joyfully into the sublime order, and does, with knowledge, what the stones do by structure.”
—Ralph Waldo Emerson (1803–1882)
“There is hardly such a thing as a war in which it makes no difference who wins. Nearly always one side stands more or less for progress, the other side more or less for reaction.”
—George Orwell (1903–1950)