Generational equity isn’t proven. Like an experiment, the idea is based off a hypothesis that current generations could affect the finances of future generations. Debt, income, and available jobs are affected by what the current generation does with their wealth. It happens with every generation.
Having a high deficit only affects the current generation. They decided to have a lot of debt, therefore, only they will be affected. Even if they have children, it will be the parents who must pay their own debts. Debt doesn’t just carry over.
In terms of government deficit, almost all countries in the world have high deficits. In 2019, France’s national deficit was about 2.634 trillion dollars.
Despite the high deficit, they still have a stable country. As long as the country is stable, the potential of doing well financially is possible.