That's what I always thought that song was about, how the morals in this country are slowly falling apart. People always analyze it literally, what this line means, what that line means but they don't analyze the whole song...He was talking about how the country is degrading. The last verse he speaks about how there is no happy news, everything has gone to hell and gives the answer why: The loss of faith "all the church bells were broken" which is exactly what is happening today.
And, the three men I admire most: the Father, Son, and the Holy Ghost, they caught the last train for the coast the day the music died