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:
“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)
“Each of us, even the lowliest and most insignificant among us, was uprooted from his innermost existence by the almost constant volcanic upheavals visited upon our European soil and, as one of countless human beings, I can’t claim any special place for myself except that, as an Austrian, a Jew, writer, humanist and pacifist, I have always been precisely in those places where the effects of the thrusts were most violent.”
—Stefan Zweig (18811942)
“The world rolls round,—mistrust it not,—
Befalls again what once befell;
All things return, both sphere and mote,
And I shall hear my bluebird’s note,
And dream the dream of Auburn dell.”
—Ralph Waldo Emerson (1803–1882)
“It is the women of Europe who pay the price while war rages, and it will be the women who will pay again when war has run its bloody course and Europe sinks down into the slough of poverty like a harried beast too spent to wage the fight. It will be the sonless mothers who will bend their shoulders to the plough and wield in age-palsied hands the reaphook.”
—Kate Richards O’Hare (1877–1948)