Larry Summers' Con Job

Larry Summers told Post readers that lack of confidence by businesses and consumers are major factors holding back the recovery. There is little evidence for this position.

Investment in equipment and software is almost back to its pre-recession share of GDP. The savings rate is still much lower than its post-war average, meaning that consumption is unusually high relative to income. This is especially striking since the huge baby boom cohort is at the edge of retirement and most have very...