According to a survey released Monday, the ailing mortgage market and and the debt burden being carried by tens of millions of households in US, has become a major concern for US economists.

They are majorly concerned over the short-term risks associated with subprime mortgages and other forms of indebtness, while they continue to cast a wary eye on inflation, says President of National Association for Business Economics, last week.

About 34 percent of the members of the National Association for Business Economics ranked the financial market turmoil from those loan defaults as the No. 1 threat to the economy over the next two years.

Concerns about mounting inflationary pressures and slowing job growth have persuaded many economists that the world’s largest economy is going into a recession although other economists and experts believe a recession will be avoided.