My '82 245t did that twice.
First time, when I bought it, I couldn't get boost. Hell, I couldn't get over 20 mph.
The cat was plugged SOLID. The engine idled fine, but not much more.
When I removed the 1" plug in the pipe, just before the cat, I was able to get about 30 mph (but very noisy).
Second time was when the bolts on the wastegate actuator loosened and the wastegate flopped open....just as the others described.
However, in that case, I was still able to drive the car normally on the highway, but it had no boost so the gauge never showed boost and the engine had very little power. Nonetheless, 75 mph was still accessible.
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Don Foster (near Cape Cod, MA)
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