By messing around with interest rates to inflate the currency, the Federal Reserve creates the boom and bust economic cycle. Putting that aside, there is something very important to realise.
The wealth of nations is created during the bust, not the boom. The boom just uses up resources on malinvestments and consumption. It is during the bust that people get back to work, produce valuable goods, and lay the groundwork for a more prosperous future. The Government's policies are designed to keep us stuck in the boom, using up resources and making malinvestments. This is incredibly wasteful, depleating the U.S. of all savings and useful capital, and most importantly, cannot go on forever. After this mammoth consumption binge, it will be much more difficult to rebuild.
The Government needs to stop now, but instead they are simply accruing more debt. That's debt which, unlike John in the post above, they will not pay back. It is a massie negative externality. They are creating inflation, debasing the dollars of ordinary Americans, and have no intention of returning it (indeed, they are determined to prevent deflation at all).