"For this nation's first two centuries, deficit spending was largely for investments -- building infrastructure, winning wars -- that benefited future generations. So government borrowing appropriately shared the burden with those generations. Now, however, there is continuous borrowing because there are unending deficits, even when the economy is growing briskly and there is full employment. The borrowing and deficits burden future generations in order to fund current consumption of government goods and services."
- George Will