India, Aug. 30 -- US government debt has reached a record $40 trillion. The huge debt pile is raising fresh concerns about what it could mean for the stock market over the next 10 years. The concern is not only about a possible stock market crash. Tom Essaye, founder of Sevens Report Research, warned that investors could instead face a long period in which stocks deliver weak returns because inflation stays high.

High stock valuations were already creating fears of a "lost decade." Investors have warned for years that expensive stock valuations could limit future returns. Now, the rising US national debt is becoming another major risk, Business Insider reported.

The US has limited easy options to reduce its debt. Policymakers could rais...