That is the Fed educated position. The Keynsian view of economics sees the good economic times as normal and bad economic times as the aberration. Thus, from that view you go into debt to hold the economy over until the good times return.

I've always seen that as an excuse to spend more that you have. Its a trap that is difficult to get out. It is the same as taking more personal debt that you can service. But in the case of the government the bank never says no.