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)
“Corporate America will likely be motivated to support child care when it can be shown to have positive effects on that which management is concerned about—recruitment, retention and productivity. Indeed, employers relate to child care as a way to provide growth fostering environments for young managers.”
—Dana E. Friedman (20th century)
“Three words that still have meaning, that I think we can apply to all professional writing, are discovery, originality, invention. The professional writer discovers some aspect of the world and invents out of the speech of his time some particularly apt and original way of putting it down on paper.”
—John Dos Passos (1896–1970)
“The inconveniences and horrors of the pox are perfectly well known to every one; but still the disease flourishes and spreads. Several million people were killed in a recent war and half the world ruined; but we all busily go on in courses that make another event of the same sort inevitable. Experientia docet? Experientia doesn’t.”
—Aldous Huxley (1894–1963)