Then the boss can make an informed decision.
The important thing here is to provide the risk-assessed alternative in writing. This covers the asses of both sides! If something blows up and management was not warned about the possibility, they're well within their rights to rake the engineers over the coals for it. But if engineers warn management of the potential consequences and management chooses to take the risk, if it blows up, you have your CYA right there - they were warned in writing.
If you can't trust your manager to take responsibility for the decision, then it's better to make a decision you're going to be held accountable for than to let your manager make the decision and then hold you accountable.
I've seen other engineers in the position where they give a risk analysis and warning in writing, and then shit hits the fan and they get fired. Maybe it doesn't happen immediately, maybe the reason they were fired isn't explicit, but the change in the manager's attitude toward the engineer traces back to when they did what the manager said.
There are also mangers who won't follow through on the tech debt part because they don't trust their engineers even if their engineers are trustworthy. When they discover that they can bypass testing by pulling the emergency lever, they'll start pulling it all the time because they see it as a way to get what those lazy engineers to do their jobs faster. And when tech debt catches up with you, bugs abound, and development slows to a crawl, the engineers get blamed.
Maybe you have a boss you can trust to take responsibility for their risky decisions. Maybe your boss trusts you when you say that paying down tech debt is necessary. But maybe your boss and their boss don't have the same relationship, and the shit rolls down hill.
Yes, I want to work in a trusting environment where my interests are aligned with doing what's best for my company, but an at-will employment capitalist economy doesn't always work that way. It's every man for himself at a fundamental level, and exceptions to that are too rare to make a blanket claim that people should just do what's best for their company.
I work 35 hours a week, make $125k/year, have good benefits, like most of my coworkers, and am doing relatively interesting work for a company that isn't completely evil. Sure, my boss can scapegoat me if I let him make technical decisions, but I don't. That's a tradeoff I'm okay with. I'm always on the lookout for something better but I'm happy where I am.
And besides, most people who think their bosses won't scapegoat them if something goes wrong are naive. If it's your job or theirs and they have the power, you're screwed. It's better to avoid the risk and not put yourself in that situation.
To be clear, I'm not saying don't take risks. I'm saying wroth risks on your own behalf.
What economy does work that way?
Trade offs that are business related can be delegated and should be delegated to the business to make. But saying something like: "if we do A, it could make us vulnerable to X,Y,Z technical problems, but would allow you to have what your business needs 7 days early" can be dangerous, because it assumes the business stakeholders truly understands the dangers of technical issues X,Y and Z, which they almost always do not.
As an engineer, you should advise the business towards the proper way to do things, and you are responsible to make sure your advice is clear and loud. It is sometimes appropriate to suggest the less ideal scenario, but if you do, be ready to assume full responsibility and ownership on it.
You should never have an advice that goes like: "Yes we can do it, but it'll cause other problems." and expect for these other problems to not be your responsibility to fix and mitigate as they appear. The implicit of all your suggestions is always: "I can make this work." So better be sure whatever you suggest you can actually have it work.
Plan C is what the Strategy guys always want to go for, because they can't recognize when the repucussions happen. They just tell themselves it's those good for nothing engineers screwing up again.
But too often there's been one guy ithe engineering group who values accolades over stability and will offer to be a hero, only to wander off without finishing anything. Later in life I've realized I should have suffered through more of the issues at companies where the team at least had solidarity. I knew I wanted that in a team, but didn't know that I needed it.
Plan C doesn't differ from Plan B in terms of technical approach. It differs in terms of the consequences of failure - not the technical consequences, but the political consequences.
My first really interesting project that led me down the sort of DevOps/Agile trail was in the mid-1990s, when I helped write a risk management and contingency planning process for the mid-sized company where I worked. One of the features of the process was that management could not reject a risk analysis on any grounds except incompleteness. They couldn't say "I don't want that written down!" They had to sign off on it, in writing.
This turned out to be very popular with both teams and management. Teams felt they were finally getting the opportunity to cover their asses, and management finally felt like they were getting straight answers from the teams about actual risks. In the earlier lack of process, teams were at least passively discouraged from honest, written risk analysis, as naysayers who were resisting business opportunities. Worse, if a warning was given and then the problem happened, the people who warned were blamed for not preventing the problem!
When we beta-tested the analysis process, the first project that tried it actually turned down business because it was too risky. That had never happened before. We probably saved the company many millions.
Later...never arrived for tomorrow is another Very Important Thing that must be done now!
Somehow management continues to forget the critical resource: time to do things right
Eventually the software engineering department has a code base that is riddled with tech debt, to a point where changing a 3 into a 4 ACTUALLY takes 6 days.
Then management asks "WTF? What did you do? Why does it take 6 days to turn a 3 into a 4?", next comes frustration and SWEs leave the company.
I've seen this happen at 3 different companies in 3 different industries, a huge company (hundreds of devs), a medium company (50 devs), and a small company (2 devs) [1].
Every time it happened, it was because a SWE team was constantly delivering under pressure by management that disregarded the cost of writing code "that works" without ever addressing tech-debt, no matter how much the SWEs warned management.
[1] To be fair the small company only fell into that anti-pattern because neither the engineers nor the managers knew any better.
By all means, if you have additional resources, invest them in refactoring and improvements and additional testing and continuous integration and all those things that make our days enjoyable and our product quality high. But your first priority has to be making sure that your product solves your customer's problem.