2009 OASDI Trustees Report

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Since the 2008 Annual Report was transmitted to Congress on March 25, 2008, one law was enacted that had a direct financial effect on the OASDI program. The Food, Conservation, and Energy Act of 2008, Public Law 110-246, was enacted on June 18, 2008. It included provisions to exclude conser­vation reserve program payments from self-employment income for pur­poses of the Self-Employment Contributions Act (SECA) for individuals who are receiving Social Security retirement or disability benefits and to transfer funds from the General Fund of the Treasury to the OASI and DI Trust Funds for fiscal years 2009 through 2017 to ensure that the assets of the trust funds are not reduced as a result of enactment of this Act. Another provision increases the amount of net earnings from self-employment that can be declared for SECA tax purposes and thus credited to individuals who file under the optional method of reporting self-employment earnings. These provisions are estimated to have negligible financial effects on the OASDI program.
The Congress has also enacted legislation to stabilize the banking system and to stimulate the economy. The Emergency Economic Stabilization Act of 2008 (Public Law 110‑343, enacted on October 3, 2008) allows the govern­ment to purchase troubled assets and stocks to strengthen financial institu­tions. The American Recovery and Reinvestment Act of 2009 (Public Law 111‑5, enacted on February 17, 2009) includes some reductions in personal income taxes and increases in government expenditures. These policies are expected to affect the speed and timing of the economic recovery from the current recession.

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