Head of Fed Powell says he doesn’t see a ‘day of reckoning’ coming for the US anytime soon

Why does this statement worry us?

(From CNBC)

Amid a roaring stock market and ever-increasing levels of corporate and government debt, Federal Reserve Chairman Jerome Powell said Thursday he does not see signs of bubbles brewing or immediate dangers being posed by trillion-dollar deficits.

“If you look at today’s economy, there’s nothing that’s really booming now that would want to bust,” Powell said in testimony before the House Budget Committee.