The big news when the advanced estimate of the 4Q/2010 GDP was announced last week was the recovery of the pre-recession level of GDP. This was presented by some as good news, but was suitably qualified by others.
Transfer payment receipts are defined well by the BEA (Bureau of Economic Analysis, U.S. Dept. of Commerce):
Personal current transfer receipts are benefits received by persons for which no current services are performed. They are…