Question

Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public payments.

Answer 1

Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public transfer payments.

What are public transfer payments and what purpose do they serve?

A payment paid without any expectation of receiving current or future goods or services in exchange. Welfare payments, unemployment insurance benefits, and Social Security benefits are examples of government transfer payments. Taxes are regarded as transfers.

In what two ways does the government give out transfer payments?

Transfer payments are not included in the GDP calculation since they are not intended to compensate for economic production. Instead, transfer payments are viewed as income redistribution. Welfare programs and social insurance programs are two important categories of transfer payments

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