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:
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“The essence of the physicality of the most famous blonde in the world is a wholesome eroticism blurred a little round the edges by the fact she is not quite sure what eroticism is. This gives her her tentative luminosity and what makes her, somehow, always more like her own image in the mirror than she is like herself.”
—Angela Carter (1940–1992)
“... it is a commonplace that men like war. For peace, in our society, with the feeling we have then that it is feeble-minded to strive except for one’s own private profit, is a lonely thing and a hazardous business. Over and over men have proved that they prefer the hazards of war with all its suffering. It has its compensations.”
—Ruth Benedict (1887–1948)