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Wall street journal, i asked questions about my own 401(k) and as i get a little closer to retirement, so with something it's of great interest to me. there are several factors contributing to this. certainly, some folks started saving too late and they started saving too little, when they did. and clearly, the dominant issue that's included in the report is the-- is the fact that over the last two years, the great financial crisis that we've been through has had a very dramatic impact on 401(k) savings plans. i can tell you what i don't think the answer is, i'm very confident that we're not g...

>> that's where it hurts. >> guess why it hurts there? it hurts there because politicians are afraid to touch there and these programs have grown and grown and grown. democrats have done it, republicans have done it. >> because they make elections and break them. welcome back to "morning joe." >> that's a $7 trillion debt to medicare, which is already going bankrupt. $7 trillion. with his drug benefit plan. both sides do it. it's just devastating. i want to see my republican party propose cuts in medicare, medicaid, social security and defense spending. >> this is their time to do it. it reall...

That's the craziest idea i ever heard of. medicaid is always in financial trouble. it's not government -- it's not like the federal employees' benefit plan. i can tell you that. >> you have joined forces with those who think you're going to going to court on this. that's unconstitutional. is that the way to go at this. or is it more like senator mcconnell, the republican leader in the senate saying, look, this is about repeal and replace. because so many people have said, this lawsuit is going nowhere. >> there are those of us in a number of states that believes the constitution when it says i...

I gave on things i wanted. obviously the senate, democrat senate president in my state and speaker gave on things they wanted and we came to a compromise that didn't violate our principles. that's the key. there has to be a way to find principled outcome where people are also compromising. what the specifics will be are up to the president, the speaker and senator reid. they need to get in the room and finish this off. >> the president himself has a certain leadership style. you said yours is different. >> yeah. >> how so? where do you think the president has gone wrong, particularly in this f...

States are doing the same thing by not funding their pensions. they have to go from defined benefits what you have in hungary to defined mcconnecoun y contributi contributions. this is a pay as you go system. hungary is taking to stealing one step further but it's all a ponzi scheme. >> to be fair on this with regard to hungary, what they're proposing is you have to pay in the system. they say you don't get that if we don't get your private account. it's blackmail, basically. >> not only blackmail. confiscation of private property. when you say this is not taxed, we're taxed on the plan. every...