Budget deficits impose an unjustifiable burden on future generations by raising their taxes and lowering their incomes.
When the debts and accumulated interest come due, future taxpayers will face a difficult choice:
They can pay higher taxes, enjoy less government spending, or both.
By shifting the cost of current government benefits to future generations, there is a bias against future taxpayers.
Deficits reduce national saving, leading to a smaller stock of capital, which reduces productivity and growth.