Well, I think what we need to remember is that budget deficits can impede economic activity.
I have young kids. The fiscal burden that will be imposed on them is going to depend primarily on whether we tackle this looming problem in our health care system - with rising costs that don't seem, by the way, to be necessarily associated with higher quality. That is the key burden that they will face.
Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.
