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:
“One of the effects of a safe and civilised life is an immense oversensitiveness which makes all the primary emotions somewhat disgusting. Generosity is as painful as meanness, gratitude as hateful as ingratitude.”
—George Orwell (1903–1950)
“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)
“Research is formalized curiosity. It is poking and prying with a purpose. It is a seeking that he who wishes may know the cosmic secrets of the world and that they dwell therein.”
—Zora Neale Hurston (1891–1960)
“Tell me not, sweet, I am unkind,
That from the nunnery
Of thy chaste breast and quiet mind
To war and arms I fly.”
—Richard Lovelace (1618–1658)