Alot of people do NOT have 401’s.
You are right of course. There are people with out 401K’s but that is beside the point.
There lots and lots of folks both democrat and Republican that do.
When they realize their wealth has dramatically increased and come to understand the magnitude of the increase, they are going to feel good about the economy. They are going to spread the word.
Part of the administration task is to assure that there is some indication and in fact is an increase in economic well being of everyone.