The next recession is coming — and this time, you’re the collateral

It’s not a matter of if the next recession comes, but when. Treasury Secretary Scott Bessent recently warned that “sections of the economy” are already showing signs of strain — and that if the Federal Reserve doesn’t cut rates soon, the pain could spread fast. His warning landed like an echo of what many already feel: Something in the system is starting to buckle.

The numbers may still look fine, the talking heads may still smile, but the tremors have begun. And this time, it will be a recession unlike any before it, because the U.S. is uniquely unprepared to endure it...