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)
“Let us learn to live coarsely, dress plainly, and lie hard. The least habit of dominion over the palate has certain good effects not easily estimated.”
—Ralph Waldo Emerson (1803–1882)
“Here, where the world is quiet,
Here, where all trouble seems
Dead winds’ and spent waves’ riot
In doubtful dreams of dreams;”
—A.C. (Algernon Charles)
“The trumpets sound, the banners fly,
The glittering spears are ranked ready;
The shouts o’ war are heard afar,
The battle closes thick and bloody;
But it’s no the roar o’ sea or shore
Wad mak me langer wish to tarry;
Nor shout o’ war that’s heard afar,
Its leaving thee, my bonnie Mary.”
—Robert Burns (1759–1796)