LARRY SUMMERS, president emeritus of Harvard University and one of the world’s most prominent economists, is no stranger to controversy. But — in terms of provocation — three sentences in a speech last month to the Washington-based Peterson Institute must be described as egregious.
To quote, “I would suggest that substantial and accumulating deficits and debts are a substantial threat to national security and national power … Budget deficits a decade out comfortably in double digits as a share of GDP now seem a reasonable projection … I
