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美国正发生最大规模的财富转移(下)
- Authors
从数十年的房地产和金融资产价格增长中获益最多的婴儿潮一代，总体上本来就很富有、是白人或两者兼有。
双语精读
As U.S. corporations have grown into global behemoths, those invested in the stock market have found even bigger returns: The stock market, as measured by the benchmark S&P 500 index, is up by more than 2,800 percent since the beginning of 1983, around the time index funds took off as a mainstream investment for corporate employees and many other middle-class professionals.
随着美国公司成长为全球巨头，那些在股市有投资的人获得了更大的回报：以作为基准的标准普尔500指数衡量，自1983年初以来，美国股市上涨了2800%以上，大约在1983年，指数基金开始流行起来，成为企业员工和其他许多中产阶级专业人士的主流投资方式。
(Those figures do not include dividends and are not adjusted for inflation, which they have far outstripped; consumer prices have risen about 200 percent over those 40 years.)
(这些数字不包括股息，也没有根据通胀进行调整，股市的上涨已经远远超过了通胀，在这40年里，消费者价格上涨了大约200%。)
The boomers who benefited most from decades of price growth in real estate and financial assets were, in general, already rich, white or both -- attributable, in part, to years of housing discrimination and a lack of access to financial tools and advice for people of color.
从数十年的房地产和金融资产价格增长中获益最多的婴儿潮一代，总体上本来就很富有、是白人或两者兼有，其中部分原因是多年的住房歧视，以及有色人种缺乏获得金融工具和理财建议的途径。
But the wealth transfer in its full scope, like any widespread financial phenomenon, will have many nuances: A patchwork of lower-wage earners may be able to move into a parent's paid-off home in a hot housing market -- or may receive a small windfall still meaningful enough to pay off debts.
但就像任何大范围的金融现象一样，这种全面的财富转移将有许多细微的差别：一部分收入较低的人可能会在房地产市场火爆的情况下搬进父母还清了房贷的房子，或者可能会获得一小笔意外之财，虽小但仍足以偿还债务。
And there will be millennials, Gen X-ers and young boomers in the upper middle class set to inherit lump sums -- seemingly winners -- who will wrestle with the substantial headaches of a "sandwich generation," dealing with the expense of caring for aging parents and children at once.
中上阶层中的千禧一代、X世代和年轻的婴儿潮一代将继承大笔财富--他们似乎是赢家--他们将与"三明治一代"面临的让人头痛的大问题作斗争，要处理照顾年迈的父母和养育孩子的双重开销。
There are few aspects of economic life that will go untouched by the knock-on effects of the handover: Housing, education, health care, financial markets, labor markets and politics will all inevitably be affected.
经济生活的方方面面几乎都会受到财富转移的连锁反应的影响：住房、教育、医疗、金融市场、劳动力市场和政治都将不可避免地受到影响。
In HBO's hit series "Succession," dynastic wealth is center stage: The children of the Roy family, the sneering protagonists, are pitted against one another by the clan's patriarch to see which, if any, can prevail to run the multibillion-dollar family business.
在HBO的热门连续剧《继承者之战》中，王朝财富是中心舞台：罗伊家族的子女们是互相冷嘲热讽的主角，家族族长让他们相互竞争，看看有没有谁能胜出并掌管这个价值数十亿美元的家族企业。
Yet amid the dark satire, the show has displayed the extent to which they are all lopsided winners.
然而，在阴郁的讽刺之中，这部剧也展示了他们在多大程度上都是一边倒的赢家。
High-net-worth and ultrahigh-net-worth individuals -- those with at least 20 million in cash or easily cashable assets -- make up only 1.5 percent of all households.
高净值和超高净值个人--那些拥有至少500万美元和2000万美元现金或容易兑现的资产的人--只占所有家庭的1.5%。
Together, they constitute 42 percent of the volume of expected transfers through 2045, according to the financial research firm Cerulli Associates. That's about $36 trillion as of 2020 -- numbers that have most likely increased since.
根据金融研究公司Cerulli Associates的数据，到2045年，这些人的所有资产将占预期转移金额的42%。从2020年算起，这一比例约为36万亿美元，而此后这个数字很可能还在增加。
词汇预习
economic [高考]
美[ˌiːkəˈnɑːmɪk] | 英[ˌiːkəˈnɒmɪk]
adj. 经济的，经济学的；有利可图的；节约的
financial [高考]
美[faɪˈnænʃl] | 英[faɪˈnænʃl]
adj. 金融的；财政的；[非正式]有钱的
volume [高考]
美[ˈvɑːljəm] | 英[ˈvɒljuːm]
n. 卷；体积；册；音量；容量
investment [高考]
美[ɪnˈvestmənt] | 英[ɪnˈvestmənt]
n. 投资；投资额；投入
corporate [高考]
美[ˈkɔːrpərət] | 英[ˈkɔːpərət]
adj. 法人的；公司的；社团的；共同的；全体的
untouched [高考]
美[ʌnˈtʌtʃt] | 英[ʌnˈtʌtʃt]
adj. 未触及的；未受影响的；未开发的
seemingly [高考]
美[ˈsiːmɪŋli] | 英[ˈsiːmɪŋli]
adv. 表面上；似乎；看起来
transfer [高考]
美[trænsˈfɜːr , ˈtrænsfɜːr] | 英[trænsˈfɜː(r) , ˈtrænsfɜː(r)]
v. 转移；调任；转乘 n. 迁移；移动；换车；汇兑
middle-class [高考]
美[ˌmɪdl ˈklæs] | 英[ˈmidlˈklɑ:s]
adj. 中产阶级的
extent [高考]
美[ɪkˈstent] | 英[ɪkˈstent]
n. 广度； 宽度； 长度； 大小； 范围； 程度 n. [律][英]扣押； [美]临时所有权令
inevitably [高考]
美[ɪnˈevɪtəbli] | 英[ɪnˈevɪtəbli]
adv. 不可避免地
estate [高考]
美[ɪˈsteɪt] | 英[ɪˈsteɪt]
n. 财产；遗产；房地产；状态；庄园
inherit [高考]
美[ɪnˈherɪt] | 英[ɪnˈherɪt]
v. 继承；遗传
lack [高考]
美[læk] | 英[læk]
n. 缺乏；无 v. 缺乏；不足
growth [高考]
美[ɡroʊθ] | 英[ɡrəʊθ]
n. 【U】增长；生长；发展；种植 n. 【C】生长物；【医】瘤;赘生物
generation [高考]
美[ˌdʒenəˈreɪʃn] | 英[ˌdʒenəˈreɪʃn]
n. 一代（人）；一代人的时间；（产品发展的）代；产生
access [高考]
美[ˈækses] | 英[ˈækses]
n.入口，通道；获得的机会，使用权；（对计算机存储器的）访问，存取；（情感）爆发，发作；探视权 v. 接近，进入；获取，访问（计算机信息） adj.[美]（电视节目或时间等）对外公开的
cash [高考]
美[kæʃ] | 英[kæʃ]
n. 现金 vt. 付现款；兑现 adj. 现金的
phenomenon [高考]
美[fəˈnɑːmɪnən] | 英[fəˈnɒmɪnən]
n. 现象；奇人；奇事
upper [高考]
美[ˈʌpər] | 英[ˈʌpə(r)]
adj. 较高的；上面的；上部的 n. 鞋帮；上铺 n. 兴奋剂；令人兴奋的经历
politics [高考]
美[ˈpɑːlətɪks] | 英[ˈpɒlətɪks]
n. 政治；政治学；政治活动；政治策略；政见
widespread [高考]
美[ˈwaɪdspred] | 英[ˈwaɪdspred]
adj. 分布(或散布)广的；普遍的
expense [高考]
美[ɪkˈspens] | 英[ɪkˈspens]
n. 费用；花费；代价
wage [高考]
美[weɪdʒ] | 英[weɪdʒ]
n. 工资；报酬 v. 开展；从事；进行(战争、运动)
discrimination [高考]
美[dɪˌskrɪmɪˈneɪʃn] | 英[dɪˌskrɪmɪˈneɪʃn]
n. 歧视；鉴赏力；辨别
wrestle [高考]
美[ˈresl] | 英[ˈresl]
v. 摔跤；斗争；努力解决；斟酌 n. 摔跤比赛；格斗
lack of [高考]
美[læk ʌv] | 英[læk ɔv]
缺乏
access to [高考]
美[ˈæksɛs tu] | 英[ˈækses tu:]
接近，有权使用；进入，通向…的路口
in part [高考]
美[ɪn pɑːrt] | 英[ɪn pɑːt]
部分地
pay off [高考]
美[ˈpeɪ ɔːf] | 英[ˈpeɪ ɒf]
偿清(欠款等)；贿赂；取得成功；有报偿，得到回报
if any [高考]
美[ɪf ˈɛni] | 英[if ˈeni]
若有的话
lower [高考]
美[ˈloʊər] | 英[ˈləʊə(r)]
adj. 低的；下级的；下层的 v. 降低；减弱；跌落
housing [高考]
美[ˈhaʊzɪŋ] | 英[ˈhaʊzɪŋ]
n. 房屋；外壳；外套；外罩；住宅；卡箍；遮盖物；(芯片的)封装
substantial [高考]
美[səbˈstænʃl] | 英[səbˈstænʃl]
adj. 大量的；坚固的；实质的；可观的 n. 本质；重要部份
mainstream [高考]
美[ˈmeɪnstriːm] | 英[ˈmeɪnstriːm]
n. 主流 adj. 主流的 v. 把 ... 编入学校正规班级；把 ... 纳入主流
prevail [四级]
美[prɪˈveɪl] | 英[prɪˈveɪl]
vi. 盛行；获胜；劝说
scope [四级]
美[skoʊp] | 英[skəʊp]
n. 机会；范围；眼界；观看的仪器 vt. 仔细研究
index [四级]
美[ˈɪndeks] | 英[ˈɪndeks]
n. 指数；索引；(刻度盘上的)指针 v. 指出；编索引
lump [四级]
美[lʌmp] | 英[lʌmp]
n.块；团；笨重的人；瘤 v.使成块；形成团状；归并；(笨重地)移动 adj. 成团的；总共的 adv. 很；非常
inflation [四级]
美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]
n. 通货膨胀；膨胀
constitute [四级]
美[ˈkɑːnstɪtuːt] | 英[ˈkɒnstɪtjuːt]
vt. 构成；组成；任命；建立；制定
amid [四级]
美[əˈmɪd] | 英[əˈmɪd]
prep. 在其间；在其中
satire [四级]
美[ˈsætaɪər] | 英[ˈsætaɪə(r)]
n. 讽刺文；讽刺
trillion [六级]
美[ˈtrɪljən] | 英[ˈtrɪljən]
n. 大量；兆；万亿 adj. 兆的
set to [六级]
美[sɛt tu] | 英[set tu:]
动手干； 认真开始干； 争论； 拳赛； 殴斗
according [专四]
美[ə'kɔrdɪŋ] | 英[ə'kɔːdɪŋ]
adj. 相符的；相应的；一致的 v. 给予；符合，一致；正式协议（accord的现在分词）
patriarch [专八]
美[ˈpeɪtriɑrk] | 英[ˈpeɪtriɑ:k]
n. 创办人；家长；元老；主教
grown [专八]
美[groʊn] | 英[grəʊn]
adj. 长大的；成年的；长满某物的
windfall [专八]
美[ˈwɪndˌfɔl] | 英[ˈwɪndfɔ:l]
n. 风吹落的果实；意外的收获；侥幸所得
patchwork [考研]
美[ˈpætʃwɜrk] | 英[ˈpætʃwɜ:k]
n. 修补工作；拼凑的东西；混杂物
lopsided [考研]
美[ˌlɑpˈsaɪdɪd] | 英[ˌlɒpˈsaɪdɪd]
adj. 倾向一方的；不平衡的
dynastic [托福]
美[dɪ'næstɪk] | 英[dɪ'næstɪk]
adj. 王朝的
重点讲解
As U.S. corporations have grown into global behemoths, those invested in the stock market have found even bigger returns: The stock market, as measured by the benchmark S&P 500 index, is up by more than 2,800 percent since the beginning of 1983, around the time index funds took off as a mainstream investment for corporate employees and many other middle-class professionals.
随着美国公司成长为全球巨头，那些在股市有投资的人获得了更大的回报：以作为基准的标准普尔500指数衡量，自1983年初以来，美国股市上涨了2800%以上，大约在1983年，指数基金开始流行起来，成为企业员工和其他许多中产阶级专业人士的主流投资方式。
take off
1. 起飞
【例】 The plane took off an hour late.
飞机起飞晚了一个小时。
2. 突然大受欢迎；迅速流行
【例】Mini became jealous when Jack’s career started taking off.
当杰克的事业开始走上坡路，米妮感到有些妒忌。
【拓展】take-off n. 起飞
【例】an economic take-off 经济起飞
(Those figures do not include dividends and are not adjusted for inflation, which they have far outstripped; consumer prices have risen about 200 percent over those 40 years.)
(这些数字不包括股息，也没有根据通胀进行调整，股市的上涨已经远远超过了通胀，在这40年里，消费者价格上涨了大约200%。)
outstrip v. 超过；胜过
【例】Demand is outstripping supply.
需求快超过供应了。
【近义词】outrun v. 跑得比……快；超过
The boomers who benefited most from decades of price growth in real estate and financial assets were, in general, already rich, white or both -- attributable, in part, to years of housing discrimination and a lack of access to financial tools and advice for people of color.
从数十年的房地产和金融资产价格增长中获益最多的婴儿潮一代，总体上本来就很富有、是白人或两者兼有，其中部分原因是多年的住房歧视，以及有色人种缺乏获得金融工具和理财建议的途径。
attributable adj. 可归因于
【例】Their illnesses are attributable to a poor diet.
他们的病可能是不良饮食所致。
【拓展】attribute sth to... 把某事归因于……
【例】They attributed their illnesses to poor diet.
他们认为他们生病是因为饮食不健康。
But the wealth transfer in its full scope, like any widespread financial phenomenon, will have many nuances: A patchwork of lower-wage earners may be able to move into a parent's paid-off home in a hot housing market -- or may receive a small windfall still meaningful enough to pay off debts.
但就像任何大范围的金融现象一样，这种全面的财富转移将有许多细微的差别：一部分收入较低的人可能会在房地产市场火爆的情况下搬进父母还清了房贷的房子，或者可能会获得一小笔意外之财，虽小但仍足以偿还债务。
nuance n. （意义、声音、颜色、感情等方面的）细微差别
【例】Actors have to study the nuances of facial expression to show the whole range of emotions.
演员必须琢磨面部表情的各种细微变化，才能表现出各种各样的情感。
patchwork n.
1. 不同布块的拼合物
【例】a patchwork quilt 百衲被
2. （不同东西的）拼凑之物
【例】The film was a patchwork of all sorts of familiar plots.
这部电影就是用各种老套桥段拼凑而成的东西。
And there will be millennials, Gen X-ers and young boomers in the upper middle class set to inherit lump sums -- seemingly winners -- who will wrestle with the substantial headaches of a "sandwich generation," dealing with the expense of caring for aging parents and children at once.
中上阶层中的千禧一代、X世代和年轻的婴儿潮一代将继承大笔财富--他们似乎是赢家--他们将与"三明治一代"面临的让人头痛的大问题作斗争，要处理照顾年迈的父母和养育孩子的双重开销。
lump n. & v.
1. 作名词：（没有固定形状的）块；肿块
【例】a lump of cheese/a lump on the head 一块奶酪/头上的肿块
2. 作动词：把……混合在一起
【例】Children of various abilities are lumped together in one class.
能力各不相同的小孩被统统放进一个班里。
There are few aspects of economic life that will go untouched by the knock-on effects of the handover: Housing, education, health care, financial markets, labor markets and politics will all inevitably be affected.
经济生活的方方面面几乎都会受到财富转移的连锁反应的影响：住房、教育、医疗、金融市场、劳动力市场和政治都将不可避免地受到影响。
lump n. & v.
1. 作名词：（没有固定形状的）块；肿块
【例】a lump of cheese/a lump on the head 一块奶酪/头上的肿块
2. 作动词：把……混合在一起
【例】Children of various abilities are lumped together in one class.
能力各不相同的小孩被统统放进一个班里。
In HBO's hit series "Succession," dynastic wealth is center stage: The children of the Roy family, the sneering protagonists, are pitted against one another by the clan's patriarch to see which, if any, can prevail to run the multibillion-dollar family business.
在HBO的热门连续剧《继承者之战》中，王朝财富是中心舞台：罗伊家族的子女们是互相冷嘲热讽的主角，家族族长让他们相互竞争，看看有没有谁能胜出并掌管这个价值数十亿美元的家族企业。
pit sb against... 使某人与……竞争或较量
【例】The climbers pitted themselves against the mountain.
登山者们在和高山进行较量。
【拓展】pit your wits against the problem 绞尽脑汁解决问题
prevail v.
1. 普遍存在；流行
【例】Those beliefs still prevail among certain social groups.
那些观念在某些社会群体中仍很盛行。
2. （经过长时间斗争后）战胜，压倒
【例】Reason prevailed over emotion.
理智战胜了感情。
Yet amid the dark satire, the show has displayed the extent to which they are all lopsided winners.
然而，在阴郁的讽刺之中，这部剧也展示了他们在多大程度上都是一边倒的赢家。
lopsided adj. 向一侧倾斜的
【例】a lopsided smile/view/victory 歪嘴笑/片面的观点/一边倒的胜利
High-net-worth and ultrahigh-net-worth individuals -- those with at least 20 million in cash or easily cashable assets -- make up only 1.5 percent of all households.
高净值和超高净值个人--那些拥有至少500万美元和2000万美元现金或容易兑现的资产的人--只占所有家庭的1.5%。
lopsided adj. 向一侧倾斜的
【例】a lopsided smile/view/victory 歪嘴笑/片面的观点/一边倒的胜利
Together, they constitute 42 percent of the volume of expected transfers through 2045, according to the financial research firm Cerulli Associates. That's about $36 trillion as of 2020 -- numbers that have most likely increased since.
根据金融研究公司Cerulli Associates的数据，到2045年，这些人的所有资产将占预期转移金额的42%。从2020年算起，这一比例约为36万亿美元，而此后这个数字很可能还在增加。
constitute v. 组成；构成
【例】The under-18s constitute nearly 25 percent of the town's population.
18岁以下的人口占小镇总人口的近25%。
【近义词】make up/account for 占（比例）
课后练习
How did boomers benefit from the stock market?
A. The prosperity of business provided plentiful jobs.
B. It was easy to obtain funds to start a business.
C. The investment in stocks yielded high returns.
D. Higher incomes kept inflation in control.
One of the characteristics of the wealth transfer is that ____.
A. it reinforces inequality between different racial groups
B. a large part of the wealth comes from the housing market
C. the scope and influence of it are difficult to predict
D. lower-wage earners are likely to benefit most from it
What can be learned about the upper-middle class?
A. They will end up worse off than lower-wage earners.
B. Their inheritance will help them move up the social ladder.
C. They bear heavy financial burdens despite the inheritance.
D. They may leave fewer legacy to the later generations.
The example of “Succession” illustrates that ____.
A. inheritors have to deal with fierce competition
B. the super-rich has the greatest advantage
C. passing down family wealth can be tricky
D. family businesses dominate the wealth transfer