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:
“Each of us, even the lowliest and most insignificant among us, was uprooted from his innermost existence by the almost constant volcanic upheavals visited upon our European soil and, as one of countless human beings, I can’t claim any special place for myself except that, as an Austrian, a Jew, writer, humanist and pacifist, I have always been precisely in those places where the effects of the thrusts were most violent.”
—Stefan Zweig (18811942)
“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)
“Never has any one been less a priest than Jesus, never a greater enemy of forms, which stifle religion under the pretext of protecting it. By this we are all his disciples and his successors; by this he has laid the eternal foundation-stone of true religion; and if religion is essential to humanity, he has by this deserved the Divine rank the world has accorded him.”
—Ernest Renan (1823–1892)
“The idea that information can be stored in a changing world without an overwhelming depreciation of its value is false. It is scarcely less false than the more plausible claim that after a war we may take our existing weapons, fill their barrels with cylinder oil, and coat their outsides with sprayed rubber film, and let them statically await the next emergency.”
—Norbert Wiener (1894–1964)