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Robert H. Frank tries to explain that huge deficits are not necessarily bad for the economy and for our grandchildren:

NYT: How to Run Up a Deficit, Without Fear, by Robert H. Frank, Dec. 5, 2009

"It’s a pity, because there are really only three basic truths that policy makers need to know about deficits: First, it’s actually good to run them during deep economic downturns. Second, whether deficits are bad in the long run depends on how borrowed money is spent. And third, eliminating deficits entirely would not require any painful sacrifices.

Evidence for the first two propositions is compelling. The third is controversial, but as I’ll explain, it’s true nonetheless. Policies grounded on these propositions would greatly improve our economic prospects.

The first proposition comes from the eminent British economist John Maynard Keynes, who argued that when total spending falls well below the level required for full employment, the economy won’t recover quickly on its own. Consumers won’t lead the way, because even those who still have jobs are fearful they might lose them. And most businesses won’t invest, since they already have more capacity than they need. Only government, Mr. Keynes concluded, has both the motive and opportunity to increase spending significantly during deep downturns."