The Editors’ Quote of the Day:
“We are now entering a new era of forced frugality in which incomes and net worth stagnate or decline while the cost of living rises and borrowing is no longer frictionless. To say that these changes will shock the system is putting it mildly. Here’s the key dynamic in forced frugality: income can drop precipitously without any ratcheting to slow the decline, but costs only ratchet higher, or decline by nearly imperceptible degrees; that is, costs are “sticky” and refuse to slide down as easily as income. The second key dynamic in forced frugality is the tightening of lending and the rising cost of borrowed money. When lenders …