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)
“Consider what effects which might conceivably have practical bearings we conceive the object of our conception to have. Then our conception of these effects is the whole of our conception of the object.”
—Charles Sanders Peirce (1839–1914)
“It is a world completely rotten with wealth, power, senility, indifference, puritanism and mental hygiene, poverty and waste, technological futility and aimless violence, and yet I cannot help but feel it has about it something of the dawning of the universe.”
—Jean Baudrillard (b. 1929)
“A sergeant of the lawe, war and wys,
That often hadde been at the Parvys,
Ther was also, ful riche of excellence.”
—Geoffrey Chaucer (1340?–1400)