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:
“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)
“Society’s double behavioral standard for women and for men is, in fact, a more effective deterrent than economic discrimination because it is more insidious, less tangible. Economic disadvantages involve ascertainable amounts, but the very nature of societal value judgments makes them harder to define, their effects harder to relate.”
—Anne Tucker (b. 1945)
“A completely indifferent attitude toward clothes in women seems to me to be an admission of inferiority, of perverseness, or of a lack of realization of her place in the world as a woman. Or—what is even more hopeless and pathetic—it’s an admission that she has given up, that she is beaten, and refuses longer to stand up to the world.”
—Hortense Odlum (1892–?)
“He all their ammunition
And feats of war defeats
With plain heroic magnitude of mind
And celestial vigour armed;”
—John Milton (1608–1674)