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:
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“The hippie is the scion of surplus value. The dropout can only claim sanctity in a society which offers something to be dropped out of—career, ambition, conspicuous consumption. The effects of hippie sanctimony can only be felt in the context of others who plunder his lifestyle for what they find good or profitable, a process known as rip-off by the hippie, who will not see how savagely he has pillaged intricate and demanding civilizations for his own parodic lifestyle.”
—Germaine Greer (b. 1939)
“There is nothing outside of us that is not at the same time in us, and as the external world has its colors the eye, too, has colors.”
—Johann Wolfgang Von Goethe (1749–1832)
“Their bodies are buried in peace; but their name liveth for evermore.”
—Apocrypha. Ecclesiasticus, 44:14.
The line “their name liveth for evermore” was chosen by Rudyard Kipling on behalf of the Imperial War Graves Commission as an epitaph to be used in Commonwealth War Cemeteries. Kipling had himself lost a son in the fighting.