Editor’s Note

Despite constant assurances from officials that the economy is going just great, signs of trouble abound. To take a random sampling: it was just estimated that some 160,000 people are about to be evicted from their apartments in New York; defaults on junk bonds—which provide critical financing for many companies—are surging above 2021 and 2022 levels in response to rising interest rates; New York, San Francisco, Chicago, and other business centers are facing a likely collapse of the commercial real estate market, imperiling mortgage-holding regional banks while destroying local economies dependent on downtowns filled with office workers, many of whom are now working from home or recently fired; arcane indicators like the market for RVs, sensitive to downturns as an expensive discretionary purchase, are falling as before earlier recessions; while unemployment is rising significantly in over a dozen states. And that’s just the United States.

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