Island,
Someone someday has to pay the taxes to repay the T-bills and other instruments by which the government borrows money. The Regan era debt was largely paid off in the late 90's by the phenomenal - probably once in a lifetime - growth in the economy (and no Clinton doesn't get any credit for it except that he didn't do too much to screw it up
)
So my guess is that through increased taxes or reduced government services, (perhaps in the form of a defunct or greatly reduced social security system), my kids will bear most of the brunt of today’s spending