Personal Income During Recessions. During the most recent recession, personal income fell by 2.8 percent. This was the only time since 1950 that personal income has fallen during a recession. During a...

Personal Income During Recessions. During the most recent recession, personal income fell by 2.8 percent. This was the only time since 1950 that personal income has fallen during a recession. During a recession, transfer payments increase. Explain why this makes decreases in personal income rare. What does the data suggest about the severity of the most recent recession?