Economist: How Not To Save Social Security New figures show the Social Security trust fund could “be exhausted” by 2032, reports Andrew G. Biggs at National Review, but the plan from Sens. Bernie Moreno (R-Ohio) and Elizabeth Warren (D- Mass.) to save it by “eliminating the payroll tax cap” would make the problem worse. It would “create massive incentives to shift compensation to non-taxable” income, “reduce economic growth and, with it, [tax] revenues” and prompt employers to slash wages, cutting revenue further. Plus, it would increase benefits, defeating the supposed purpose. “What Social Security reform desperately needs” is planners who…