Transfer Payments include welfare, social security and other transfers from working people/national debt to non working people (Retirement, unemployed, etc)
Government payments to individuals includes retirement and disability insurance benefits, medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans benefits, and Federal education and training assistance. Government payments to nonprofit institutions excludes payments by the Federal Government for work under research and development contracts. Business payments to persons consists primarily of liability payments for personal injury and of corporate gifts to nonprofit institutions. (See BEA)
Related Articles:
- eEnotes Study Guide - Transfer Payments
- The Shrinking Government Sector - Cleavland Federal Reserve
- Government Demand and Income Transfers
- Where's all that government spending really going - Forbes
- The Shrinking Government Sector - Economists View Blog
- Unsustainable Transfer Payments
- The Transfer Payment Paradox - Seeking Alpha
- The Dependence Economy - NYT
