Many of them had their pension funds raided. By companies like, oh, Bain Capital. And we can get into the "over-funding" of said pensions, but if that money had still been there for their retirement, there would be a lot fewer college graduates facing unemployment...the older folks wouldn't HAVE to keep working, therefore freeing those positions up for the up & coming workforce, who would work their way up through their companies, earning THEIR pensions, retire, rinse, repeat.