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:
“The hippie is the scion of surplus value. The dropout can only claim sanctity in a society which offers something to be dropped out of—career, ambition, conspicuous consumption. The effects of hippie sanctimony can only be felt in the context of others who plunder his lifestyle for what they find good or profitable, a process known as rip-off by the hippie, who will not see how savagely he has pillaged intricate and demanding civilizations for his own parodic lifestyle.”
—Germaine Greer (b. 1939)
“If I had any doubts at all about the justice of my dislike for Shakespeare, that doubt vanished completely. What a crude, immoral, vulgar, and senseless work Hamlet is. The whole thing is based on pagan vengeance; the only aim is to gather together as many effects as possible; there is no rhyme or reason about it.”
—Leo Tolstoy (1828–1910)
“The middle years of parenthood are characterized by ambiguity. Our kids are no longer helpless, but neither are they independent. We are still active parents but we have more time now to concentrate on our personal needs. Our children’s world has expanded. It is not enclosed within a kind of magic dotted line drawn by us. Although we are still the most important adults in their lives, we are no longer the only significant adults.”
—Ruth Davidson Bell. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 3 (1978)
“We only know war lasts, rain soaks, and clouds sag stormy.”
—Wilfred Owen (1893–1918)