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:
“The hippie is the scion of surplus value. The dropout can only claim sanctity in a society which offers something to be dropped out of—career, ambition, conspicuous consumption. The effects of hippie sanctimony can only be felt in the context of others who plunder his lifestyle for what they find good or profitable, a process known as rip-off by the hippie, who will not see how savagely he has pillaged intricate and demanding civilizations for his own parodic lifestyle.”
—Germaine Greer (b. 1939)
“to become a pimp
Or deal in fake jewelry or ruin a fine tenor voice
For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“Signal smokes, war drums, feathered bonnets against the western sky. New messiahs, young leaders are ready to hurl the finest light cavalry in the world against Fort Stark. In the Kiowa village, the beat of drums echoes in the pulsebeat of the young braves. Fighters under a common banner, old quarrels forgotten, Comanche rides with Arapaho, Apache with Cheyenne. All chant of war. War to drive the white man forever from the red man’s hunting ground.”
—Frank S. Nugent (1908–1965)
“It is a war against the pines, the only real Aroostook or Penobscot war.”
—Henry David Thoreau (1817–1862)