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)
“I am fearful that the paper system ... will ruin the state. Its demoralizing effects are already seen and spoken of everywhere ... I therefore protest against receiving any of that trash.”
—Andrew Jackson (1767–1845)
“It is not contrary to reason to prefer the destruction of the whole world to the scratching of my finger. It is not contrary to reason for me to choose my total ruin, to prevent the least uneasiness of an Indian, or person wholly unknown to me. It is as little contrary to reason to prefer even my own acknowledged lesser good to my greater, and have a more ardent affection for the former than the latter.”
—David Hume (1711–1776)
“The dead have been awakened—shall I sleep?
The world’s at war with tyrants—shall I crouch?
The harvest’s ripe—and shall I pause to reap?
I slumber not; the thorn is in my couch;
Each day a trumpet soundeth in mine ear,
Its echo in my heart.”
—George Gordon Noel Byron (1788–1824)