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)
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“Like the effects of industrial pollution ... the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.”
—Susan Sontag (b. 1933)
“Here, where the world is quiet,
Here, where all trouble seems
Dead winds’ and spent waves’ riot
In doubtful dreams of dreams;”
—A.C. (Algernon Charles)
“I have agreed to go into the service for the war ... [feeling] that this was a just and necessary war and that it demanded the whole power of the country; that I would prefer to go into it if I knew I was to die or be killed in the course of it, than to live through and after it without taking any part in it.”
—Rutherford Birchard Hayes (1822–1893)