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)
“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)
“The predicate of truth-value of a proposition, therefore, is a mere fictive quality; its place is in an ideal world of science only, whereas actual science cannot make use of it. Actual science instead employs throughout the predicate of weight.”
—Hans Reichenbach (1891–1953)
“No more shall the war cry sever,
Or the winding rivers be red:
They banish our anger forever
When they laurel the graves of our dead!
Under the sod and the dew,
Waiting the Judgment Day:—
Love and tears for the Blue;
Tears and love for the Gray.”
—Francis Miles Finch (1827–1907)