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 ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“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)
“Aunt Sally she was one of the mixed-upest looking persons I ever see; except one, and that was uncle Silas, when he come in, and they told it all to him. It kind of made him drunk, as you may say, and he didn’t know nothing at all the rest of the day, and preached a prayer meeting sermon that night that give him a rattling ruputation, because the oldest man in the world couldn’t a understood it.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“At Flores in the Azores Sir Richard Grenville lay,
And a pinnace, like a fluttered bird, came flying from far away:
‘Spanish ships of war at sea! we have sighted fifty-three!’”
—Alfred Tennyson (1809–1892)