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:
“The ultimate result of shielding men from the effects of folly, is to fill the world with fools.”
—Herbert Spencer (1820–1903)
“Some of the greatest and most lasting effects of genuine oratory have gone forth from secluded lecture desks into the hearts of quiet groups of students.”
—Woodrow Wilson (1856–1924)
“The world stands out on either side
No wider than the heart is wide;
Above the world is stretched the sky,—
No higher than the soul is high.”
—Edna St. Vincent Millay (1892–1950)
“The poetry of heroism appeals irresistibly to those who don’t go to a war, and even more to those whom the war is making enormously wealthy. It’s always so.”
—Louis-Ferdinand Céline (1894–1961)