Companies (well, for-profit ones at least) are profit maximizing. The test for whether debt is on net burdensome for them is relatively straightforward and tied to a return on investment.
Government is odd in that sense, and while we continue to pontificate about these issues I think the question is a lot harder to speak to in real life. Government makes a lot of investments, but the whole point is there's not always a monetary return on them and it's often hard to know what the costs or the benefits would be like in a counterfactual.
When we deal with profit maximization these questions are somewhat easier. When we deal with welfare optimization I think it's harder.
Also, Don Boudreaux embraces Nick Rowe I'm very curious what Nick thinks of this. As has happened a couple times before, I think in the comment section I've actually realized Nick and I are closer than I thought (he seemed interested in a fundamentally different question than I was. He was concerned with whether it was "impossible" to burden future generations - I agreed with him it was not impossible - while I thought Krugman's point was that public finance and personal finance are two different things). Anyway, my position has always been that Boudreaux and Rowe both are saying pretty much what Krugman is saying.