Above is a graph put together for businessinsider.com (also commentary about the US debt to GDP graph)
If you here about commentators saying that de-leveraging still has yet to occur for the US economy; they mean that private and now public debt levels have still climbed on top of the debt that was accumulated prior to the global recession. If the recession was unable to clear out excess (due to goverments and central banks throwing money at the problem), then a BIGGER crash could be on the horizon.
Now check this graph out (click on link), somewhat controversial due to an analyst at Credit Suisse disputing the graph. But it stands as a double whammy of financial, government/public debt. Since there is a copyright on the graph I have only posted a link:
http://static.10gen.com/businessinsider.com/
Horrendous.
So also note when commentators talk about private growth being crimped and not expanding, they refer to goverment debt expanding and the increasing of taxes and general prices (inflation). Which in turn limits private expansion, hiring labor and wage increases for employees. So we are more likely to suffer far worst unemployment issues (strikes and civil problems) with higher goverment debt than if goverment debt was less and stimulus projects were scaled down or didn't exist.
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