Light beer is in a slump. Advertising Age reported this week that U.S. sales of the biggest brands are in an alarming slide, with Bud Light down 5.3% this year and Miller Lite off 7.5%. Is this but a recessionary blip or are we finally witnessing a great consumer revolt against shamefully bad beer, shamelessly promoted?

There are many possible explanations for the decline in light-beer sales. Advertising Age speculates that the dawdling of the economy has left 21-to-35-year-old men with pockets too empty to afford "premium"...