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)
“to become a pimp
Or deal in fake jewelry or ruin a fine tenor voice
For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“The world is not looking for servants,—there are plenty of these,—but for masters, men who form their purposes and then carry them out, let the consequences be what they may.”
—Woodrow Wilson (1856–1924)
“Testimony of all ages forces us to admit that war is among the most dangerous enemies to liberty, and that the executive is the branch most favored by it of all the branches of Power.”
—James Madison (1751–1836)