>which I or my children will have to pay back at some point

Which is not as relevant as you think, since if your kids have to pay it in 50 years, deflation will have made it effective 1/4 as much or so. And if the current spending results in more total wealth at that point than if the spending was not done, then everyone is better off.

Not all deficit spending is bad economics, in the same way buying a house or paying for college is on average a positive economic move in the long run.