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The baseline involves much higher levels of debt and deficits.
Neither option looks likely since they would require governments to tolerate higher levels of debt and inflation.
Among the challenges are worsening job prospects, lower rates of health insurance coverage and higher levels of debt.
But higher levels of debt will crowd out productive investment, slow wage growth and ultimately undo any gains from reform.
With two lost decades for workers' pay, rising prices and higher levels of debt, Britain can't go on like this.
Professor Lewis says that men in particular aren't afraid to share their debt with one another, and that this can create higher levels of debt tolerance.
Similar(21)
In 2004, the commission permitted the big brokerage houses to take on a much higher level of debt.
And they have high levels of debt and low levels of savings".
Medics face similarly high levels of debt, on average £19,000, according to the British Medical Association.
Moodys also remarked on TfL's manageable but high levels of debt.
The high levels of debt are the biggest cause of deflation, many economists recognize.
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