Transfer payments are expenditures by government for which no goods or SERVICES are received in return. In the United States, transfer payments consist mostly of SOCIAL SECURITY, Medicare, Medicaid, UNEMPLOYMENT benefits, and other WELFARE programs. Transfer payments are primarily administered by the federal government, while state and local governments are responsible for some INCOME REDISTRIBUTION and in-kind transfers. Repatriation payments from one country to another are also considered transfer payments, because they involve no exchange of goods or services. Depending on which programs are included, transfer payments account for over 40 percent of U.S. government expenditures. The largest program, Social Security, is an intergenerational transfer program, with payments by current workers being redistributed by government to current retirees. As long as the inflow of funds continues to grow, the transfer program can continue indefinitely. If, however, the inflow of funds begins to drop, the program is in trouble. In addition to intergenerational transfer, transfer payments redistribute income from the employed to the unemployed (unemployment benefits and welfare), from taxpayers to specific industries (AGRICULTURAL SUPPORT PROGRAMS), and from individuals to CORPORATIONs (CORPORATE WELFARE). Transfer payments alter the DEMAND for goods and services in favor of the desires of INCOME recipients. Transfer payments, particularly unemployment benefits and government subsidies, act as AUTOMATIC STABILIZERS during downturns in the economy.