we'll show you but we won't drink it ourselves. coming up on the show, 401(k)s are supposed to be, supposed to be the lynchpin of our retirement plans but are they a sham? our experts debate. you decide. also it's a showdown over the rights to use the word duke on a bottle of bourbon. john wayne's heirs are suing duke university. but is it legal? taking to the road for your next vacation? what about the high seas? sail something a great way to spend your summer with family and friends. "the willis report" where consumers is are our business right now. starts right now. gerri: we begin tonight with a court decision that could unravel obamacare. a d.c. court of appeals is considering whether some big obamacare subsidies are legal. subsidies are vital to the success of the law but help keep consumer costs down. recovering your health care tonight with dr. scott gottlieb, former senior policy advisor for centers for medicare and

medicare services. and with american enterprise institute. great to have you back on the show, scott. >> thanks for having me. >> what is the premise of this case? what is being decided? >> the issue whether the law means what it says. right now the law says the subsidies can only flow to health plans sold in exchanges established by states. most of the states didn't establish their own exchanges. the exchanges are actually established by the federal government. if you read the plain language of the law you believe subsidies can't go to the health plan. the administration is saying that it can. many people arguing, proponents of obamacare are arguing it was drafting mistake and congress didn't intend to write the law this way but there is good reason to believe they did intend to do this. gerri: i want to show folks the actual language of the law established by under section 1311. take a look at that. that is how obamacare as a law reads. are we picking a 19 here? is this something that matters when it gets to legal decisions?

a nit. >> congress intended for subsidies to flow to states with exchanges because they wanted governors to establish their own exchanges. they lured subsidies as lure for governors to establish exchanges. the only way to get subsidies to your constituents was to have a exchange they believe they would do that. it does matter. you can't write your own law. congress wrote something and administration need to follow the law. gerri: i just following your logic hire. i wanted to show people how much money we're talking about. so the subsidies, $11 billion this year. one trillion over the decade. we're talking about a ton of dough here. from what you say this could make a big difference. could this be a death blow for the law? >> well, probably not. i mean there is already talk among proponents of obamacare about things they can do through regulation to try to subvert any court rueing.

the administration already came out and said they wouldn't respect any ruling from this court. they would appeal it and probably wouldn't respect a ruling short of a supreme court ruling which would be many years off. so they have issued what is called a 2-j whatever the court rules here it is only applicable to the people involved in this litigation and not the public at large. gerri: wow. that's pretty darn technical. you know the inside and out. i want to show people how many of exchanges might be at risk here. i think there is something like 36 federal exchanges. we have a map of this. i wanted to ask you, you had hobby lobby the other week which seemed to be a problem for obamacare, kind of a black eye for the law. if this were to go against for the administration as well what would be overall impact on the law? >> well look, i think people are being impacted by obamacare and finding how intrusive it is. i think you will see more litigation from affected parties. up until last year people were not fully affected by the law it was not fully i am presented.

now that it is fully simply minted people are coming forward and negatively affected and starting to sue the administration for different aspects. this is probably not the last of litigation that will encumber this legislation. gerri: is there anything big coming up soon? >> this is the biggest case. something coming down next week is biggest near term case. i don't think in the near term it will affect the administration of law but certainly another black eye for the administration if they lose this case. gerri: we appreciate you coming on, steve. thank you so much. have a great weekend you. >> too. gerri: for most americans the employee sponsored 401(k) account is truly, it is essential to your retirement but is the popular plan providing a false sense of security? is it truly helping people save for their golden years? here to discuss that issue is the chief economist for the investment company institute, brian reed and hello lane olin. author of pound foolish. exposing the dark side of the personal finance industry, a book i have read by the way.

welcome to you both. great to have you hire. brian, i will start with you. are 401(k)s worth it? >> absolutely. they are an important essential part of u.s. retirement system. think of then as a part of that. but if you look at 401(k)s and add in iras, they have to be added in because people leave a job they will put it, move their four oy one k into ira, taken all that money together we have 12 1/2 trillion dollars sitting in these type of retirement assets plus another 10 1/2 sitting in additional pension plans for $23 trillion. gerri: that is the number we have, $23 trillion. do awe guy we with that, and what is your criticism of 401(k)s? >> it is sound like a lot of money but it is not enough. the middle class doesn't benefit the them. it is started as way of high earning executives to divert portion of their salary. no one intended to be part of

retirement. as a result most of us have less than 10,000dollars saved. gerri: do you agree, brian. >> look at totality. you can't just look at 401(k)s, ira's or just pensions. you have to look at all of it. if you look at 23 trillion and adjust for inflation and population growth we have six times more than every family in the united states has six times more than saved for retirement now than in 1975. gerri: let me ask you about that. what i'm wondering is that because we're getting older and these are primary savings years? is this because we've seen a bull market? what is the reason behind that? >> it is combination. we've been working in country for nearly half century to improve retirement security. we have elderly poverty rates at lowest point they have been in 50 years. used to be 30% of the elderly people were in poverty in the united states in the 1960s. we're down to less than 10% now. all of these features, including 401(k) are contributing factors and important components to it. gerri: brian makes a lot of good

points, helene. what would you say. >> first of all, social security is keeping elderly people out of poverty. without social security over 50% of the elderly would not knob poverty right now of the second thing is, most of the benefits from those programs go to people at top end of earnings spectrum. so people at lower end simply are not getting enough money. gerri: why is that? >> they can't afford to save. for the past 30 years, incomes stagnated as cost of things like housing education and health care, the things i like to say you can't live without have gone up. they're more immediate need become more pressing than their long term needs. gerri: answer that specific question. what she is saying makes some sense. people at bottom of the income scale don't have enough money to set aside in 401(k)s. it may be offered to them but can't use them. what do they say? >> looking at data from consumer finance federal reserve publish, people nearing retirement 80% have retirement accumulation. that sun changed since 199. if you look other research being done by academics on this, at

set aside in some kind of retirement, either a pension or 401(k) actually has been growing over last 15 years. so the average amount is about 300,000. for those near retirees. gerri: near retirees. now you guys disagree on what the average, on balance, right amount of money to talk about when we say how much money do people have saved on average, median. the average number, 63,929. brian you like this number. you say, hey, that is about what people have. helene, you say median account balance is 17,630. very different numbers. why are they so different? helene, i will start with you? >> depends how you're counting people. gerri: right. >> part of this are you only counting 401(k)s or counting other assets? with housing people do have more assets but interesting you use 1989 as a year. in 1989, only 20% of the people in retirement were still paying mortgages on their houses which give them huge asset towards retirement. today it is 40% and growing

rapidly. so for instance, for gen-xers the number is expected to be higher with result according to pew charitable trusts and the boston center on retirement more gen-xers than not will not be able to maintain anything nearly standard of living in retirement. gerri: brian, last word here. >> again all of this has to be taken into context. we have as many people who own their homes now as we had in 1989. housing is very important. there are 20 trilliondollars of housing sweat available for retirement when people get there. so again, looking at just the 401(k) is saying, can everybody live on just one piece of it? no, we're not saying that. it is part of a overall complex retirement system. gerri: did the policy fail though? i think that is the question? is it going to work? will it keep americans, financially secure in retirement? >> absolutely. we're building as people, begin to move away from traditional pension plans, the research that is being done out there showing dollar for dollar on average for every dollar lost we're getting

more than a dollar in retirement assets in 401(k) or ira. that is the part of the progress. gerri: big debate. i have to tell you. people on both side with firmly-held views. we really appreciate two of you coming on to debate it for us. thank you so much. have a great weekend. >> bye-bye. gerri: we want to know what you think. here is our question tonight. are 401(k)s a sham? log on to gerriwillis.com. vote on the right-hand side of the korean. i will -- screen. i will show the results at the end of tonight's show. your voice is important to us. during the show we want you to facebook me, tweet me, @gerriwillisfbn. at the bottom of the hour i will read your comments. the highway trust fund is driving closer toward the bankruptcy clip. what the obama administration might do to fix the fund that may end up throwing taxpayers over the cliff. stay with us. ♪

gerri: the obama administration is driving americans off a cliff. that is according to our next guest who says the government's plan to save the highway trust fund will only wind up blowing

taxpayer dollars out the window. here with details, steve malanga, senior fellow, man hat taken institute, author of the book, shakedown, the continuing conspiracy against the american taxpayer. we feel your pain, steve. welcome back to the show. good to have you here. the transportation secretary anthony fox says if there is not more money put into the highway trust fund, america will get this, a slower, less safer nation, true? >> no. another threat from the obama administration will fall apart if we don't raise taxes more which is what democrats want to do with this. essentially what is happening, you have this trust fund that is financed by gas taxes. gas taxes have not been going up or increasing. >> gas prices have. >> yes. that is the thing. but they want to increase the gas tax on americans. but see here's the thing. we're spending more and more money in the transportation trust fund not on highways and bridges. we've been spending on all gnat forms of transportations including things lie bike paths,

lanes. gerri: flowers, bushes. >> and on mass transit systems that are not really effective like light rail. so now they're telling us we need more money and have to raise taxes. they could be reforming the system and saving a lot of money about they want. gerri: you make a really good point here. because as i understand it, the government is providing a quarter of the nation's funding. >> states. gerri: not doing whole thing. >> not any means. gerri: this is not on our backs. because it is not. >> they force states because states want some of this money, they force states to do things their way including complying with things like davis bacon act which is law requires all these construction projects you have to pay union wages. that raises the price by about 10%. gerri: by 10%. >> that is $5 billion we're talking about just in federal money, an additional $5 billion. you get the money without raising taxes if you just didn't have this requirement. gerri: okay. here's the full screen that everybody needs to see, okay?

highway trust fund. take a look at this. the money goes in, $35 billion in a year, okay? how much money goes out? $50 billion! what way is that balanced? >> no they have been subsidizing with the general fund, the nation's general fund. nobody wants to do that anymore. that's why they want to raise taxes. democrats want to raise taxes. republicans have their even gimmick. gerri: i think you better tell us about the republican gimmick here. >> the republicans rather than reforming it which is what they really should be talking about they essentially want to do pension gimmick if we haven't seen enough of those. the pension gimmick is this, next year they tell private sector companies you don't have to put as much money into your pension fund as we normally require. that will raise the profits of private sector companies which will also raise the taxes they will have to pay. that is where the money will miraculously come from. a total gimmick. gerri: i'm shocked. that just sound like a bad idea. >> it is terrible idea. of course it is a fiscal gimmick that doesn't solve anything. gerri: nobody is suggesting that

anything is workable? >> democrats are suggesting something workable, raise your taxes. republicans don't want to raise taxes, so it is a gimmick. nobody wants to reform the system, let's, let's focus the money where it needs to be. this highway trust fund was created by president eisenhower to assure that the money from gasoline taxes would go to highways and bridges. gerri: so what do we do? you go after the projects that need help most, is that what you're saying? >> what i'm saying is this. you eliminate projects like alternate -- $800 million on things like bike paths. you eliminate mass transit projects in places where it doesn't make any, hasn't had any impact. gerri: high speed trains across california. >> light rails is another one, right? that is $8 billion a year. you focus the money first of all on highways and bridges. gerri: i don't think anybody disagrees there is problem with the highways and bridges. the problem, how do you solve it. what do you do with it?

raise our taxes. democratic proposal to raise taxes is huge increase. if you look as percentage it is very big number. >> again as is typical in washington, there is a problem and yet nobody is talking about reform. nobody is talking about sensibly spending money where it needs to be spent first before we do anything else. gerri: sensibly spending money. washington. two very separate things. steve, thanks for coming on. have a great weekend. >> take care. you too. gerri: well, we talked about craft beer. the sales are booming. next brooklyn brewery is here to share their most popular brews. now if only legal would let me taste them. if you remember the professor, ginger and mary ann stay tuned. why some folks are interested in taking a three-hour tour with this man. steve colgate. has anybody seen gilligan? ♪

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gerri: welcome back to the "willis report." the nation's beer business is booming. has some work over here. you can probably hear that. it is all thanks to craft beer which is becoming the frothiest segment in the beer market today. we're exploring one of the nation's top craft breweries with steve hindi. he built the brooklyn brewery from the ground up. and president and wrote a book. author of craft beer revolution and how microbreweries transforming the nation's drink. >> great to be here, gerri. gerri: is craft beer so popular? i believe i know the answer to

that question. what do you think? >> like a lot of categories people are looking for more from their beer than they used to. gerri: it tastes better. >> a lot of great flavor, different styles. seasonal beers and, innovative, creative vergings of beer. gerri: so tell us how big brooklyn brewery is now in terms of sales? >> i started brooklyn brewery in 1988. it has been6 years. we'll do about -- 26 years. we do $60 million this year. we sell half in the united states. we export to about 20 countries around the world. gerri: i'm looking at all this beautiful beer. let me tell you there is all kinds of special stuff here. wonderful things. but i can't drink a bit of it because legal tells me that i'm not allowed to do it on a tv. so you're just going to have to pretend. i will smell it. what is that? >> this is a wheat beer that we do with row-nyc. the company that does green markets, the farmer markets in

new york city. this is made with grain that was grown in up state new york. it is a truly local beer. gerri: it's a local beer. what else do you have here? i see, this looks pretty fancy pants? >> that is a belgian style beer called brooklyn noir. it is a dark beer made with belgian yeast and age it in bourbon barrels for six months. it goes in this bottle with the second yeast, a champagne yeast. and reeferments into the bottle. gerri: unbelievable. are you able -- >> this is really tasty beer. gerri: are you able to charge for for these specialties? >> this beer would sell 15, $20 a bottle which is a beautiful thing if you're in the beer business. gerri: summer ale, one my favorites. >> summer ale is our biggest selling seasonal. it is our second best selling beer and it is incredibly popular. people love it when they see this beer on the shelf because

they know that summer is here. gerri: it is really lovely. >> yeah. >> you want to smell this? gerri: i want to smell that one too, as we know i can't drink it because legal won't let me i think r drink it. >> it is friday. gerri: you will get me in such trouble, wow. i always like the smell of beer better than i like beer. >> that is good. gerri: it smells so fresh. it is very nice. where do we go next with the craft beer movement, what i find every you turn is another craft beer. i live in a tiny town in north carolina. they have their own craft brewery. >> when i started brooklyn brewery, imports were 3% of the national beer market. the rest were national brand. today, imports are 130%. craft beer is 10% and national brands are like5%. so we're really growing very rapidly. it has been double-digit growth the last five years. there are 3,000 craft breweries

in now in america. i think there will be more than 5,000 in 10 years. gerri: now did we miss one of the beers here? have we gotten everything? >> brooklyn lager is our best-selling beer. it is our first beer and still our best-selling beer. this is the beer that is very popular around the world. we sell a lot of this in northern europe, and australia and brazil. it smells great, right? gerri: and always tastes great too. steve, thanks so much for coming on. >> thank you, gerri. gerri: really appreciate night come out to the brewery we'll drink some of these days. gerri: come out to the brewery. that is a great package. that is great stuff. if you always wanted to learn to sail, thought you had to be stronger, younger possibly richer. you will love this story. we caught up with the founder of the nation's biggest sailing school. you know what? his name might sound familiar. kiren and chris like to vacation on the water with their teenagers. they usually rent a boat and

hire a captain but recently they decided they wanted to learn to do it themselves. >> the challenges of sailing here beside the winds, you have the current. you have the waves. you have nearries. you have barges. -- ferries and barges and other boats. you have to be aware of your surroundings. >> the hardest thing about sail something not really sailing but language. you have to speak specifically what you want to do in a boat, learning how to say it. as husband and wife we're saying grab that thinggie and do that thinggie. that is not what you can do in a boat. but a lot of ropes you talk about. gerri: the couple in connecticut found way to offshore sailing school. it was founded in 1964 by former olympic sailor steve colgate. >> we run from learn to sail right up through cruising, racing, all sorts of courses. and the learn to sail course is three days long, three full long days or five half days. gerri: this is obviously a passion for you.

what is it about shale is so, in your mind terrific? >> well i think it is working with nature. the wind is your power. that you go where the wind takes you and you have to be able to work with the wind. there is no noise. no power noise. no vibrations. it is just a wonderful, soothing way of traveling. gerri: tell us about these boats. did you design these? >> i designed these boats, yes, with naval architect named jim taylor. i gave him all the concept that's wanted and just turned out beautifully. it is perfect boat for teaching. gerri: how is it different from, you know, typical sailboat? >> it is a very safe boat. it has flotation so it can't sink. it has a singh keel, led keel. u.s. naval academy bought 30 of them. u.s. maritime academy bought eight i believe. it has been acceptable, sail

training boat. >> i worry i'm not strong enough to commandeer one of these ships. >> it is really martie of timing. most of the manuevers on a sailboat are a matter of timing. i'm not a strong, big, sinew which guy, right? but i was the core deck guy on american eagle. and you, the timing right -- sinewy. 5.5 meters. that is 33-foot boat, 600 square feet of sail. a lot for three people to handle but i'm not a big guy but if you time things right -- gerri: you can make it happen. >> it works. >> you got to hold that. we like to go down to the caribbean or greek island and explore different areas. >> we've been to maine. we love maine too. there are someplaces you can go. what is great about cruising, certified to cruise, you can go different places have your house with you. >> great thing as couple and family. you have to work together as a team of the so that makes a big difference. gerri: isn't it gorgeous?

don't you want to go sailing now? steve colgate told me one of his ancestors, the colgate name, he indeed founded the tithe paste company. instead of toothpaste and shaving cream, bill decided to devote his working life to sailing and teaching. sailing lessons range from $150 from two-hour lesson to $3300 for full week aboard a yacht. if you pass the court you can charter a boat on your own. coming up next. don't let summer heat stop you from cooking of we have delicious food you can make without sweat negotiate kitchen. check it out. isn't that beautiful? the people are beautiful. it is all beautiful. i like the food. ♪

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forcing you to lead your kitchen you can still keep it cool today with french inspired recipes that you can make without sweating over a hot stove. in joining me now are the of founders and creators. i am so excited about what we are doing today. you have great ideas and a great recipes we will start to with the s. >> this was inspired so we start. gerri: but i have a question. where do you get this bread? >> is brought in daley. you can also use a

sourdough. >> just put on a little bit. it is a little bit spicy. gerri: it is gorgeous. >> then sprinkle. gerri: i love it. its looks beautiful. >> then you decorate. gerri: a little olive oil? >> over the top. very fresh. >>. >> what is this i hear about

lobster? >>. gerri: i like it. it is gorgeous. that is awesome. >> see you have lobster tartine spinet that is perfect for the summer. gerri: that is gorgeous. >> now we're going to make a salad so here we have the taste -- basal pays. >> a lot of garlic. of lots of garlic. >> this is ginger and vinegar with a little bit of

olive oil. to make it a little bit sweeter. gerri: now you have that recipe? >> here it is finished. >> i love it. >> so with the quinoa salad it is very fresh and some tomatoes. gerri: beautiful. >> we don't need to add any salt because the paste is already salty.

gerri: and we can serve this with our other dash? >> as an aside also. >> little bit of avocado. gerri: now let's talk about the stake and cheese tartine. >> this is great. with walnuts and that as well. gerri: it is like almost anything can go on top? >> you can't top whatever you like. gerri: you just want some type of mustard;>ev or mayonnaise? >> a sauce on the bread.

>> keep it simple. >> i love this idea. it will keep me out of the kitchen. thank you for helping us. gerri: coming up a showdown between duke university and the john wayne family and who has the legal rights to the name? next.

gerri: the family of the duke and duke university will duke it out to. of were the build team -- our legal team will put up their dukes. [laughter] so does anybody really in

their right mind believe for a second that anybody will confuse john wayne and to university? >> i agree one of the percent but it is if people are misled or deceived by having the two names. but the real issue is to the university does not want to be associated with alcohol because of the underage drinking. so they take the position just by objecting to it. >> they will wind. not just because of the confusion but the alcohol associated also of the duke's picture is not on all lots of these products. maybe the bourbon but not the other products. gerri: it is selling everything but the year. but under the of lot to rise

to that level of confusion -- confusion there is a blurring it could be the of a trademark it could be blurred because it has been associated with alcohol. >> this is too far afield. who in their right mind will think if you put duke that it has anything to do with it to university? >> so does this mean they will go after european royals? the duke of winchester? >> no. nobody would think about the royals but go back to john wayne. if you talk about younger people may be college-age age or thinking about college they probably don't even remember john wayne. it is before they were born. >> teasing having his name

could diminish the reputation? >> it could. absolutely. one of the big problems and colleges is underage drinking and here is all the alcohol. >> that his motivation but there is no misleading nature. >> bet m i blurring? [laughter] gerri: they show a picture of john wayne it is not the duke's logo. >> not the university logo. >> does the university owns that word? >> no. that is why you can have a trademark from commercial purposes i want to use it for this purpose but to it is just a coincidence they don't like the product. >> don't trust dummy and who does not drink.

>> but if you name a product duke you are targeting the older person. >> said kids will say that is to a university and they are selling beer. >> just like justin bieber am the relationship. [laughter] >> this is a case where the legal system has gone totally crazy. there is no blurring. >> what happened is they filed for the trademark and duke objected now they get the publicity so they are achieving the purpose from the publicity stemming duke university will win this not the family. gerri: they have tabled in the past. >> i of not familiar with those instances but this

does not make any sense to me with all due respect. >> we are duking it out. >> great minds. that is scary. [laughter] good to have you here. gerri: this is what some if you are posting to night is the of 401k a sham? >> yes for most you put money aside had no control it took me months to get statements and the fund offered was not the best gimmicks summer well-managed summer dash league first. >> trying to live off of a 401k would be impossible of us you want to work until you're 75.

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so is layman's terms of what does your test try to do? >> we try to use your personal history that is written into your blood cells to explain your ancestry genealogical and anthropological. gerri: i heard all. you have 690,000 and records? >> we have been doing dna testing over 14 years. with anybody test the results go into the database then when you test we compare your dna into our database to see who you are related to. gerri: tell me the information for example, of how far back can i go? how many generations? >> we have three different types using the y chromosome four men we can go back

geologically between 200 and 400 years to use the same dna test all the way back to human origins beginnings in africa. we have another test that is a combination that it yvette engines here is your mom, your dad, a combination that gets half from each and we can use that test for about 200 years but that will also provide ethnic percentages for i can tell you a 75% scandinavian and 20% southern european or that you are 10 percent native american if that is the case. gerri: how do people use this? >> that cost about $99. how do people use this information? >> for example, adoptee's

use it because they don't know anything about themselves trying to find biological family. sometimes people will come to us, girls will come to do a dna test to confirm all three girls are full siblings verses have siblings and you know, what i am talking about there. other people try to use a dna test for example, my last name greenspan i want to know who else has the same last name is actually related so i have reached out to greenspan and across the country to find out which of those are related to me or which just happen to have the same name. gerri: of course, i first thought of the former federal reserve chairman. >> actually i asked him to

do with dna tests at a function we were out -- weaver at but that was not on the top of his radar. [laughter] gerri: i am not surprised. doing of a project with "national geographic", thanks for coming on the show. good to meet you. gerri: we'll be right back with the question of the day is the 401k a sham? stay with us.

so this board gives me rates on progressive direct and other car insurance companies?

yes. but you're progressive and they're them. -yes. -but they're here. -yes. -are you... -there? -yes. -no. -are you them? i'm me. but the lowest rate is from them. -yes. -so them's best rate is... here. so where are them? -aren't them here? -i already asked you that. -when? -feels like a while ago. want to take it from the top? rates for us and them. now that's progressive.

gerri: having a rough night

at the american museum of natural history that was night at the museum. it is hosting a slumber party for adults only on august 1st. the overnighted venture kicks off with a champagne reception and a jazz performance and later they will get a three course dinner. but the sleepover comes with a price tag $375 per person. finally we have a lot of fun on the show with craft beer and ceiling and a summer fun however we had a super serious show last night to and in this weekend for the gm recall how safe are we? it is important to examine the impacts chorizos layers. victims of whistleblower and ken feinberg and safety

experts will tell you how to keep you and your family safe. it airs saturday and sunday night 10:00 p.m. right here on fox business. we will see you on monday. >> tonight looking to make a quick buck on the stock market know how to pull the strings but don't be duped by the shenanigans i will walk you through real-life scenario that helped a lot of investors this week. also the younker generation view of capitalism are they embracing wealth creation or rejecting it? and i will throw in a life lesson as well. also not all has been up to the upside but i have a new deal that i love. no