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Despite enacting a limited rate cut campaign to push our federal funds rate back to historic lows, Federal Reserve Chairman Jerome Powell expressed confidence in the economy to Congress’s Joint Economic Committee.

So Powell sounded an important alarm ignored by both parties and both chambers of Congress.”In addition, I remain concerned that high and rising federal debt can, in the longer term, restrain private investment and, thereby, reduce productivity and overall economic growth.

Here, he’s acknowledging that our annual trillion-dollar deficit also handcuffs vital fiscal policy required by even the most liberal of Keynesian economics.

Crucial to Powell’s call to cut spending is the fact that a recession would surely mean that the rate of our debt increase would outpace our economic growth even further.