The United States now has federal government debt as a percent of GDP at levels not seen since WW II. We are again hearing talk of the "burden of the national debt" that we haven't heard since the 80s when debt/GDP ratio rapidly increased under the Reagan administration.

First, briefly explain the major concern - for your grandchildren - of the historically large federal debt. That is, how might future generations be burdened by our current debt/GDP ratio?

Second, briefly explain what might have been a major concern - for your grandchildren - if the massive increase deficit spending over the last few years had not occurred.