transfer payments

Transfer payments

Payments from a government to its citizens, such as welfare and other government benefits.

Transfer Payment

Money that a government gives to individuals, usually through a social welfare program. For example, elderly people in the United States who have paid FICA taxes for a certain number of years receive a Social Security check from the government every month. This is a transfer payment. Another type of transfer payment is money given to a state or province with the proviso that it will fund the state or province's social welfare programs. For example, under the Personal Responsibility and Work Opportunity Reconciliation Act in the United States, each state receives a certain amount of money from the federal government to fund welfare and similar programs for the poor.

transfer payments

any expenditure by the government for which it receives no GOODS or SERVICES in return. In the main, such payments involve the ‘transfer’ of income from one group of individuals (taxpayers) to other groups of individuals in the form of welfare provisions, for example, JOBSEEKERS ALLOWANCE, SOCIAL SECURITY BENEFITS, retirement PENSIONS, etc.

Because transfer payments are not made in return for products and services, that is, they do not add to total output, they are not included in the NATIONAL INCOME ACCOUNTS, which measure the money value of national output. See also GOVERNMENT EXPENDITURE, WELFARE STATE, BURDEN OF DEPENDENCY.

单词	transfer payments
释义	DictionarySeetransfer payment transfer payments Transfer payments Payments from a government to its citizens, such as welfare and other government benefits. Transfer Payment Money that a government gives to individuals, usually through a social welfare program. For example, elderly people in the United States who have paid FICA taxes for a certain number of years receive a Social Security check from the government every month. This is a transfer payment. Another type of transfer payment is money given to a state or province with the proviso that it will fund the state or province's social welfare programs. For example, under the Personal Responsibility and Work Opportunity Reconciliation Act in the United States, each state receives a certain amount of money from the federal government to fund welfare and similar programs for the poor. transfer payments any expenditure by the government for which it receives no GOODS or SERVICES in return. In the main, such payments involve the ‘transfer’ of income from one group of individuals (taxpayers) to other groups of individuals in the form of welfare provisions, for example, JOBSEEKERS ALLOWANCE, SOCIAL SECURITY BENEFITS, retirement PENSIONS, etc. Because transfer payments are not made in return for products and services, that is, they do not add to total output, they are not included in the NATIONAL INCOME ACCOUNTS, which measure the money value of national output. See also GOVERNMENT EXPENDITURE, WELFARE STATE, BURDEN OF DEPENDENCY.
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