If Woody Guthrie, America's most revered troubadour for social justice, was still alive he would no doubt be celebrating his 104th birthday today by writing songs about Donald Trump's attacks on immigrants, Muslims, the physically handicapped, and other groups and about the growing Black Lives Matter movement against police racism.
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Is there a correlation between the drop in unions and the drop in defined benefits plans? It certainly seems like it. As defined benefit plans are going away, so is the safety net for older Americans. Most bankruptcy filers are under age 54, but there is a steady rise in bankruptcies of people over age 55.