401ks funnel HUGE sums of money into the stock market. In the "old days" prior to the 401k, Joe 6 packs saved via banks, not the market. The market was for rich people. (Obviously there are exceptions to this.) With the 401(k) - Joe 6 packs started investing in the market. There is NO WAY that Wall Street or the corporate big-guys will mess with that. If you eliminate or mess with 401ks, even fewer will participate in the market, and there will be a lot less of Joe-6-pack's money on the street.
Not going to happen. Too much big power vested in the idea of middle class money being in the market rather than savings accounts.
In 2011 - 69% of households had retirement accounts. Can you imagine that number that high in the 50's?
My in-laws (depression era) still don't have money in the market. 401k changed things on a generational basis.