In a previous post, while responding to an earlier article by Alexandra Harney, I suggested some reasons why the US might be in better shape now than Japan was in the early 90s. (For example: The US, being a multi-ethnic state, is more willing and able to supplement falling birthrates with population growth through immigration.)
In a follow-up article, Slate's James Ledbetter has different take, focusing less on demographics and more on economics. Basically, he claims, our bubble wasn't nearly as big as Japan's, so our bust won't be nearly as bad. Let's hope he's right!