The US is facing Debt Deflation just like Japan, and unlike BCA Research which believes the difference between Corporate Debt, and Consumer Debt will yield a different outcome we believe the net result will be similar. Debt applied to consumption always borrows from the future, whether it is done by Government, Corporations, or Consumers and the outcome of Debt Deflation is always the same as Kondratiev discovered and Bernanke will soon find out.
If anything, Japan had a booming Western Economy to assist it through 20 years of Debt Deflation, but who will assist the US through the next 10-20 years? I doubt very much China and other creditor nations will continue to support the USA for another 10-20 years of Debt Deflation.
BCA Research - The US is not Japan