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)
“I am fearful that the paper system ... will ruin the state. Its demoralizing effects are already seen and spoken of everywhere ... I therefore protest against receiving any of that trash.”
—Andrew Jackson (1767–1845)
“We are heading towards catastrophe. I think the world is going to pieces. I am very pessimistic. Why? Because the world hasn’t been punished yet, and the only punishment that could be adequate is the nuclear destruction of the world.”
—Elie Wiesel (b. 1928)
“[Veterans] feel disappointed, not about the 1914-1918 war but about this war. They liked that war, it was a nice war, a real war a regular war, a commenced war and an ended war. It was a war, and veterans like a war to be a war. They do.”
—Gertrude Stein (1874–1946)