Psalm 89:30-33 reads,

If his children forsake my law
and do not walk according to my rules,
if they violate my statutes
and do not keep my commandments,
then I will punish their transgression with the rod
and their iniquity with stripes,
but I will not remove from him my steadfast love
or be false to my faithfulness.

Isaiah 53:4-5 reads,

Surely he has borne our griefs
and carried our sorrows;
yet we esteemed him stricken,
smitten by God, and afflicted.
But he was pierced for our transgressions;
he was crushed for our iniquities;
upon him was the chastisement that brought us peace,
and with his wounds we are healed.

The Psalms text leaves it indeterminate who the object of punishment for the iniquity of the children will be. We might assume it would be the children themselves.

But as the passage from Isaiah makes clear, whatever punishments for sin God places upon the sinners themselves (and as Augustine observes, sin is its own punishment), it is ultimately Jesus Christ, the servant who suffers, who bears the punishment, the stripes and the wounds by which we are healed.

By our sins he is wounded, and by his wounds we are healed.