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:
“Trade and commerce, if they were not made of India-rubber, would never manage to bounce over the obstacles which legislators are continually putting in their way; and, if one were to judge these men wholly by the effects of their actions and not partly by their intentions, they would deserve to be classed and punished with those mischievous persons who put obstructions on the railroads.”
—Henry David Thoreau (1817–1862)
“to become a pimp
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For effects that bring down the house could happen to all
But the best and the worst of us . . .”
—W.H. (Wystan Hugh)
“We are not certain, we are never certain. If we were we could reach some conclusions, and we could, at last, make others take us seriously.
In this world nothing can be said to be certain, except death and taxes.”
—Benjamin Franklin (1706–1790)
“The remnant of Indians thereabout—all but exterminated in their recent and final war with regular white troops, a war waged by the Red Men for their native soil and natural rights—had been coerced into the occupancy of wilds not far beyond the Mississippi.”
—Herman Melville (1819–1891)