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)
“Virtues are not emotions. Emotions are movements of appetite, virtues dispositions of appetite towards movement. Moreover emotions can be good or bad, reasonable or unreasonable; whereas virtues dispose us only to good. Emotions arise in the appetite and are brought into conformity with reason; virtues are effects of reason achieving themselves in reasonable movements of the appetites. Balanced emotions are virtue’s effect, not its substance.”
—Thomas Aquinas (c. 1225–1274)
“Whether or not the world would be vastly benefited by a total banishment from it of all intoxicating drinks seems not now an open question. Three-fourths of mankind confess the affirmative with their tongues, and I believe all the rest acknowledge it in their hearts.”
—Abraham Lincoln (1809–1865)
“The war is utter damn nonsense—a vast cancer fed by lies and self seeking [sic] malignity on the part of those who don’t do the fighting.”
—John Dos Passos (1896–1970)