Larry Summers Hasn't Heard About the Trade Deficit

Many of us are happy to see that Larry Summers, who served as President Clinton's Treasury Secretary and head of President Obama's National Economic Council, had a column talking about secular stagnation in the Washington Post. As they say here in Washington, if you repeat something that is true long enough, Larry Summers will eventually write about it in the Washington Post.

Unfortunately, Summers still only has part of the story. He notes the possibility that investment demand may have shif...