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)
“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)
“I consider women a great deal superior to men. Men are physically strong, but women are morally better.... It is woman who keeps the world in balance.”
—Mrs. Chalkstone, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 2, ch. 16, by Elizabeth Cady Stanton, Susan B. Anthony, and Matilda Joslyn Gage (1882)
“What would you do in my position? Would you drop the war where it is? Or, would you prosecute it in future, with elderstalk squirts, charged with rose water?”
—Abraham Lincoln (1809–1865)