It will only be joke once our profession unionizes. Until then, nope, not a joke. It's actually very good career advice.
I have never worked with a PM who hasn't understood the concept of technical debt though. It sounds like a bad career move to work with such a person. Ignoring technical debt until development slows down to a crawl is a good idea? I don't buy it. My advice would be to either try to fix the issue (both the PM and the technical debt) immediately or find a new job.