A failure to undertake that spending will gratuitously burden our grandchildren.
Jeremy Stein, a Fed governor, recently suggested that this second effect, by itself, may not make a company more inclined to undertake capital spending.
By 2016-17, the likely situation will be that the sovereign wealth funds have dried up and the government will have to undertake drastic spending cuts and/or raise taxes.
Just last week, Republicans on the House Judiciary Committee held a hearing on a constitutional amendment to stop the federal government from undertaking deficit spending even during emergency periods of extreme unemployment.
The finance director said that, previously, Barclays credit cards, with limits of £750 per month, were issued to four personal assistants in July 2006, including Francesca Grillo but not her sister, in case they had to undertake any business spending.
Mr Summers, who was an unsuccessful candidate to take over as head of the US Federal Reserve central bank, has called for wealthy states like Britain to undertake state infrastructure spending in order to counter what he describes as a "secular stagnation" in advanced economies.
After all, the Heavily Indebted Poor Countries Initiative was precisely designed to give countries the necessary fiscal space to undertake socially useful spending in health and education, and rebuild decaying public infrastructure.
Seeing James Nesbitt's hair transplant and the remarkable transformation that he undertook, I spent a great deal of time looking into what it would cost for me to undergo the same.
Railtrack has already undertaken to spend £27bn on safety over the next 10 years, but it is believed that rapid growth in passenger numbers and demands for improvements such as train protection systems could increase the cost.
While pledging to maintain the prudent economic management that has underpinned Chile's high growth, she also undertook to spend more on social programmes and to improve equality of opportunity.
