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:
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“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)
“They are all gone into the world of light!
And I alone sit ling’ring here;”
—Henry Vaughan (1622–1695)
“... the next war will be a war in which people not armies will suffer, and our boasted, hard-earned civilization will do us no good. Cannot the women rise to this great opportunity and work now, and not have the double horror, if another war comes, of losing their loved ones, and knowing that they lifted no finger when they might have worked hard?”
—Eleanor Roosevelt (1884–1962)