The US national debt exceeds $36 trillion. A fairly frequent, and reasonable, criticism of that debt is that “our children” will have to pay for it. That this framing categorizes debt as a problem of intergenerational justice is self-evident. However, the justice or injustice of the matter is not quite as straightforward as it may seem. Yes, current generations are incurring debt that younger and future generations will need to pay for. Arguably, some of that debt is being incurred for only momentarily useful things. That said, some of the spending that contributes to that debt is also likely an investment that will benefit future generations, perhaps even more than current generations. So how do we untangle the intergenerational justice dimensions of national debt? In this chapter, we draw upon our theory to answer this question while also examining three current, prominent economic perspectives on public debt.