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, world and/or war:
“Today we know that World War II began not in 1939 or 1941 but in the 1920’s and 1930’s when those who should have known better persuaded themselves that they were not their brother’s keeper.”
—Hubert H. Humphrey (1911–1978)
“Consider what effects which might conceivably have practical bearings we conceive the object of our conception to have. Then our conception of these effects is the whole of our conception of the object.”
—Charles Sanders Peirce (1839–1914)
“I passed a little further on and heard a lotus talk:
Who made the world and ruleth it, He hangeth on a stalk,
For I am in His image made, and all this tinkling tide
Is but a sliding drop of rain between His petals wide.”
—William Butler Yeats (1865–1939)
“—Thus their hands are plucking at each other;
Picking at the rope-knouts of their scourging;
Snatching after us who smote them, brother,
Pawing us who dealt them war and madness.”
—Wilfred Owen (1893–1918)