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)
“Society’s double behavioral standard for women and for men is, in fact, a more effective deterrent than economic discrimination because it is more insidious, less tangible. Economic disadvantages involve ascertainable amounts, but the very nature of societal value judgments makes them harder to define, their effects harder to relate.”
—Anne Tucker (b. 1945)
“Those of us who are in this world to educate—to care for—young children have a special calling: a calling that has very little to do with the collection of expensive possessions but has a lot to do with the worth inside of heads and hearts. In fact, that’s our domain: the heads and hearts of the next generation, the thoughts and feelings of the future.”
—Fred M. Rogers, U.S. writer and host of Mr. Rogers Neighborhood. “That Which is Essential Is Invisible to the Eye,” Young Children (July 1994)
“A nice war is a war where everybody who is heroic is a hero, and everybody more or less is a hero in a nice war. Now this war is not at all a nice war.”
—Gertrude Stein (1874–1946)