Speaking of cratering ad sales in print media: Your favorite fashion magazine's historically huge September issue is going to be a bit lighter this year. Which god knows is a good thing for our nation's lower backs. Not so good, though, for the equally hardworking slaves to fashion that toil in the caves of Conde Nast and Hearst. W magazine lost 18% of its ads this September! (What, not enough girl-on-girl covers?) And almost all of their brethren are suffering, too. Is it finally a backlash against ostentatious luxury in lean times? Not at all, actually.

It's not the luxury companies that are cutting back on their ads, you see; Oscar de la Renta, for example, increased his ad spending 15% to bring you news of his new $5,000 handbags. Rather, it's "midtier marketers" like bebe and Nordstrom's that are responsible for the decline.

So while fashion magazines are totems for a certain segment of the overclass, their suffering is not a sign of fewer rich people. Rather, it's yet another indicator of the decline of the aspirational middle class. As goes W magazine, so goes the American dream.

[WSJ]

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