Anchor Accuses Top House Progressive Of Tanking Markets By Appearing On CNBC

[JDPriestly]

31. If true, it just goes to show how stupid those who invest in the markets are.

If Medicare and Social Security are cut, baby boomers (and older generations) will take more than required out of their 401(K) savings to pay their bills.

One senior taking money out of his 401(K) to pay a medical bill that he would not now have to pay will, obviously, not make much difference. But add the money up, and you get a sizable reduction in the money staying in 401(K)s. If Medicare and Social Security continue to cover seniors' basic necessities, they will be inclined to leave their money in their investments for their children.

The older you get, the more you want to leave something for your children. And while one senior may have very little saved, when you think of all the seniors with 401(K)s, it adds up pretty fast.

Also, if the age for Medicare or Social Security is raised further, those forced by unemployment or disabilities or medical needs to retire early will live on what they now have in their 401(K)s. That will be another shocker for Wall Street. The 401(K) scam is not that a huge a portion of the money in Wall Street, but it keeps things going. People put money in and don't take it out unless there is an emergency. That's middle class money.

If Congressman Grijalva's appearance on a TV show can affect the movement of the markets, reducing Social Security or Medicare benefits would be worse.