Real US debt levels could be 2,000% of economy, a Wall Street report suggests

Total U.S. debt could be as high as 2,000% of GDP, according to a Wall Street report.

"This conceptual difference is important to acknowledge because this lens is often used by those who wish to paint a dire picture about debt," Philipp Carlsson-Szlezak, chief U.S. economist at AB Bernstein, said in the report. "While the pictureCrisis measures cut both ways — sometimes a seemingly smaller level of debt can cause outsized problems during times of economic stress, such as during the financial crisis.

Advocates for fiscal reform argue that the debt impact has indeed reached the point where action is necessary. "We are quickly approaching a situation where we have dug ourselves a debt hole which is doing to have profoundly negative effects on the economy for probably decades going forward," MacGuineas added.

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