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)
“Oh that my Pow’r to Saving were confin’d:
Why am I forc’d, like Heav’n, against my mind,
To make Examples of another Kind?
Must I at length the Sword of Justice draw?
Oh curst Effects of necessary Law!
How ill my Fear they by my Mercy scan,
Beware the Fury of a Patient Man.”
—John Dryden (1631–1700)
“Self-love is the love of a man’s own self, and of everything else for his own sake. It makes people idolaters to themselves, and tyrants to all the world besides.”
—François, Duc De La Rochefoucauld (1613–1680)
“The slanders poured down like Niagara. If you take into consideration the setting—the war and the revolution—and the character of the accused—revolutionary leaders of millions who were conducting their party to the sovereign power—you can say without exaggeration that July 1917 was the month of the most gigantic slander in world history.”
—Leon Trotsky (1879–1940)