This is a rush transcript from "Glenn Beck," October 28, 2009. This copy may not be in its final form and may be updated.
BECK: So now I just told you here the problem - yes, government-run health care and the solution. Well, I'll drive down here in the great state of Texas.
Rick Gornto - he is the designer of the Galveston Plan - this is not health care. This was crazy social security plan - risky scheme, sounds to me. Galveston County, Texas. Hello, sir. How are you?
RICK GORNTO, DESIGNER OF THE GALVESTON PLAN: Hi. How are you this afternoon?
BECK: You came up with this idea back in the 1980s, right?
GORNTO: Yes, sir.
BECK: And the risky scheme was, let people opt out of social security and come into a privately-run - what do you call it - retirement plan?
GORNTO: Retirement plan.
BECK: How insolvent is that right now?
GORNTO: It's very solvent. The funds are protected by the insurance companies that they're being held by, and audited and regulated by 50 insurance regulators throughout 50 states in the U.S.
BECK: No, no, no, but see - I mean, the government is running one that is much, much better, and it is wildly insolvent. Oh, whoa, look at that. Wait a minute. Hang on just a second. If you made $17,000 a year in social security, you get $683 back, but in your plan, you get over $1,000.
How about $75,000 a year? You get $4,500 back every month, and social security is only $1,645. Yes, but again, theirs is in a lockbox. Yours is insolvent, right?
GORNTO: No, it is not insolvent. In fact, the reason they got into the program in the first place was a desire to take personal ownership of their account versus being in social security, which is a promise to pay, if it's there, and depending on what benefits they decide to give in any given year.
BECK: How many members of Congress or anybody in government come down to study this and say, "Whoa, whoa, this sounds like a really good idea here"? How many people have come down from Washington to study this?
GORNTO: The GAO has sent people down in the late '80s or early '90s. Social security has done a study on this. And then, we've testified to the House - congressional financial committee a couple of times as well. So they are fully aware of this program.
BECK: But they're not going to - they're going to stick with their program?
GORNTO: You know, it's - I think that this issue of privatization versus public option that you're talking about is really more of a political issue rather than an economic issue.
BECK: Whoa, whoa, whoa, whoa. Crazy man on TV. Now, hang on just a second. Let me explain something. When somebody takes money from a group of people and they take that money. And instead of investing it, they take it and they pay the old investors - that's called a Ponzi scheme.
That is exactly what Bernie Madoff went to jail for and those in Washington are not going to jail for. Forget I said anything. We'll be back in just a second. Thank you, sir.
Content and Programming Copyright 2009 Fox News Network, LLC. ALL RIGHTS RESERVED. Transcription Copyright 2009 CQ Transcriptions, LLC, which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon Fox News Network, LLC'S and CQ Transcriptions, LLC's copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.