Whoow boy. A big hubub in the blogosphere about whether government debt imposes a burden on "future generations." Lots of input from high places. Check it:
And now for some input from a low place, featuring my hat in the ring.
I've basically made this argument before, in my post about the stance of fiscal policy. Noah Smith spells it out well by framing the situation in terms of the effect on the capital stock, or the K term in the Cobb Douglas Production function.
Y = A(t) Ka Nb
(% change interest rate / % change in budget deficit) < 1 no net "burden" on future generations
(% change interest rate / % change in budget deficit) > 1 net "burden" on future generations
Maybe I'll develop this further later. Perhaps something about future taxes.