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:
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“The best road to correct reasoning is by physical science; the way to trace effects to causes is through physical science; the only corrective, therefore, of superstition is physical science.”
—Frances Wright (1795–1852)
“At present, man applies to nature but half his force. He works on the world with his understanding alone. He lives in it, and masters it by a penny-wisdom; and he that works most in it, is but a half-man, and whilst his arms are strong and his digestion good, his mind is imbruted, and he is a selfish savage.”
—Ralph Waldo Emerson (1803–1882)
“This is not Johnson’s war. This is America’s war. If I drop dead tomorrow, this war will still be with you.”
—Lyndon Baines Johnson (1908–1973)