Expand Social Security Now!: How to Ensure Americans Get the Retirement They Deserve

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The author's premise in a wholly government controlled old age and disability insurance is faulty along several lines. At it's peak is to abolish the ability of private wealth accumulation and use from the individuals, in essence this is a gross violation of private property.
Government is vastly inefficient in "providing" services and the act of theft of earned wealth to fund these mandated services is immoral in all regards.
To be honest Hill's description of his utopian social security system sounds like a tyrannical nightmare to anyone who values their freedom.

Author Steven Hill is out to convince you, and everyone else remotely on the fence on this issue, that social security needs to not only be saved but expanded. His passion for the subject is indisputable and his method of persuasion approaches religious zeal far too often.

Social security is an immensely complex issue, and is not going to be solved with simple solutions. Mr. Hill sometimes paints the solution to social security's problems as obvious and just shy of easy (if only everyone got on board, for example), but life doesn't work that way. Easy answers might sell books, but the reality is much more nuanced.

Review for Expand Social Security NOW by Steven Hill

First, in the interest of full disclosure, I am currently retired and living on Social Security as one of those whose other means of support were lost in the recent financial meltdown. This has to influence my opinion of this book.

Hill begins by reviewing all the dire predictions about SS being about to go broke and declaring them all nonsense. He has plenty of statistics to back him up. In fact, he claims that we could double the monthly retirement benefit with some tweaking of its funding methods. He would begin with what has been my own favorite fix, make everybody pay in the same percentage of their income that the lowest paid workers must pay by removing the cap on income that is taxed for SS. He shows how secretary earning $35,000 per year pays a higher percentage of her pay (6.2%) while the lawyer or banker she works and who earns $500,000 pays only 1.5 percent of his salary because he only pays on the first $118,500. He also reminds us that SS is an insurance benefit not welfare. We pay the premiums by the tax withheld from our pay all our working lives, which includes all the workers who never collect anything from SS because they don't work long enough or live long enough to qualify.

Of course this uncapping will probably never happen since the lawmakers who would have to change it are among those who don't pay the full amount.

Hill reminds us of the “three-legged stool” of the retirement system; employer pensions, private savings and home ownership, and Social Security. Now most of the the pensions are gone, private savings, where even possible on low wages, have lost their punch through the recurring financial crises in the stock market, housing losing its value, etc. So that leaves only SS for all but the top one-percenters. Personally, I never worked for a company that had a pension plan or a 401K so tried to get ahead with an IRA. Well, folks guess what, that IRA went belly up when the stock market and the money markets tanked. I ended up wishing I had spent the money on a few short-term luxuries.

Hill goes on to suggest ways to fund SS expansion that would not cost the taxpayers much if anything, but would require some brains on the part of the folks who have the power to do this. Pardon me if I don't hold my breath.

Mr. Hill's thesis is that Social Security is the only retirement system that many Americans have, and does not pay enough for many of our seniors to live on. Of the three legged stool for retirement -- social security; pensions and employer retirement plans; and home ownership and savings plans such as 401(k)s, 403(b)s and IRAs -- only social security is a viable option. Many employers no longer provide pension plans; many people do not have enough money to pay into IRAs, etc.; and home ownership is no longer a positive investment (with many people owing more in mortgage than their homes are worth). Mr. Hill advocates doubling the Social Security payments for everyone, and demonstrates how this can be done by making taxes more fair, etc. His formula is TAX FAIRNESS = RETIREMENT SECURITY = ECONOMIC STABILITY.

Mr. Hill also discusses 9 myths about Social Security and shows why they are myths. He emphasizes that Social Security is NOT an entitlement, but has been earned by the people through payroll deductions, The book is repetitious, but contains a strong argument for increasing Social Security (and showing why Social Security is not in danger).

Includes bibliographical notes, bibliography, and index.