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 war ii, effects of, effects, world and/or war:
“There’s no telling what might have happened to our defense budget if Saddam Hussein hadn’t invaded Kuwait that August and set everyone gearing up for World War II½. Can we count on Saddam Hussein to come along every year and resolve our defense-policy debates? Given the history of the Middle East, it’s possible.”
—P.J. (Patrick Jake)
“Whereas Freud was for the most part concerned with the morbid effects of unconscious repression, Jung was more interested in the manifestations of unconscious expression, first in the dream and eventually in all the more orderly products of religion and art and morals.”
—Lewis Mumford (1895–1990)
“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)
“The world has room to make a bear feel free;
The universe seems cramped to you and me.”
—Robert Frost (1874–1963)
“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)