Per Capita Transfer Payments, Inflation-Adjusted Percent Change
The inflation-adjusted percent change in per capita transfer payments is highly countercyclical nationally and in Arizona, with large increases common during recessions and small increases or decreases usually occurring during expansions. Typically, Arizona experiences larger increases during recessions and larger decreases during expansions than the national average. However, during the mid-2000s boom, per capita transfer payments continued to rise, by a little more in Arizona than the national average. The increases during the recession, from 2008 through 2010, were larger in Arizona. The real change in per capita transfer payments in Arizona and the nation was negative in 2011 and 2012, with Arizona’s declines a little larger than the national average in each year. A small increase was registered in 2013 in the nation, with a slight decrease in Arizona.