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.
Labor Day is seen as a day of rest for many hardworking Americans. But for a growing set of U.S. workers, there is no break from trying to earn enough to support their families. Despite a dip in unemployment during the past few years, low pay continues to plague many employees while their corporate bosses rake in record profits.