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)
“Virtues are not emotions. Emotions are movements of appetite, virtues dispositions of appetite towards movement. Moreover emotions can be good or bad, reasonable or unreasonable; whereas virtues dispose us only to good. Emotions arise in the appetite and are brought into conformity with reason; virtues are effects of reason achieving themselves in reasonable movements of the appetites. Balanced emotions are virtue’s effect, not its substance.”
—Thomas Aquinas (c. 1225–1274)
“In April 1917 the illusion of isolation was destroyed, America came to the end of innocence, and of the exuberant freedom of bachelor independence. That the responsibilities of world power have not made us happier is no surprise. To help ourselves manage them, we have replaced the illusion of isolation with a new illusion of omnipotence.”
—Barbara Tuchman (1912–1989)
“This is not only a war of soldiers in uniform. It is a war of the people, of all the people, and it must be fought not only on the battlefield but in the cities and the villages, in the factories and on the farms, in the home and in the heart of every man, woman and child who loves freedom.”
—Arthur Wimperis (1874–1953)