In his pithiest maxim, John Maynard Keynes, the most influential economist of the 20th century social-democratic state and the patron saint of "stimulus", offered a characteristically offhand dismissal of any obligation to the future: "In the long run we are all dead."
But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
Passing a larger national debt to the next generation may look attractive to those without children. (Keynes himself was childless.) But the rest of us cannot feel much comfort knowing that, in the long run, when we are dead, our children and grandchildren will be dealing with our fiscal legacy.