The current trend to increasing budget deficits

will burden future generations if it fails to generate real growth in employment and national income.
will burden future generations only if the government has to pay back the debt.
will help future generations if it is also accompanied by quantitative easing which eases the debt burden.

Answer: will burden future generations if it fails to generate real growth in employment and national income.

Please see the blog Size of deficit 101 for further information.