It simply means that future rather than current taxpayers have to pick up the costs of servicing and paying off the debt.

ECONOMIST: Labour and the unions

But then he didn't have the advantage of living, like Ms Ephron, in Manhattan, where something was almost bound to happen to you if you simply stepped outside, and if it didn't happen you could pick up the phone and order it.

ECONOMIST: Nora Ephron and Lonesome George