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)
“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)
“My faith shall wax, when thou art in thy waning.
The world shall find this miracle in me,
That fire can burn when all the matter’s spent:
Then what my faith hath been thyself shalt see,
And that thou wast unkind thou may’st repent.—
Thou may’st repent that thou hast scorn’d my tears,
When Winter snows upon thy sable hairs.”
—Samuel Daniel (1562–1619)
“I thought that’s what this war was about. Making people pay taxes when they didn’t have no say so about it.”
—Lamar Trotti (1898–1952)