Public Law 97-35 Changes Entitlement programs like Medicaid, Medicare, Social Security, Unemployment Insurance, and welfare programs. Also known as "The Omnibus Budget Reconciliation Act of 1981" and "The Economic Recovery Tax Act of 1981". A law passed by Republican Congress on July 31, 1981, and signed by then-Republican President Ronald Reagan on Thursday, August 13, 1981. The law was a major step among Republicans to limit federal budget growth. It included: Changes to entitlement programs like Medicaid, Medicare, Social Security, Unemployment Insurance, and welfare programs, and a 25% tax cut. In the law the first $65 of earned or unearned income was excluded from Social Security benefits, the next $20 of earned or unearned income per month was excluded and Half of the remaining monthly earned income is excluded.

$1 in 1981 is equivalent in purchasing power to $3.56 in 2024, a difference of $2.56 (72% less). 43 years later, the first $65 of 1981 is excluded NOT the first $232 equivalent in purchasing power of 2024. The law has effectively caused me to voluntarily surrender to Ford Credit the CAR that I had faithfully paid for over the past twenty-four (24) months. I have had to stop paying on a six (6) year $10,000 personal loan with only twelve (12) months of note remaining. Our credit line was reduced and credit cards were suspended by Wells Fargo and Citi Bank; the action effectively increased debt-to-credit ratio and lowered my credit score.
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