By Bill O'Reilly

In just a few days automatic federal spending cuts might kick in. That is known as "the sequester", a word we don't like here at The Factor because it's a word few understand and it's largely meaningless.

The issue is very, very simple. President Obama does not want to cut federal spending without another tax increase. Republicans say no way, they are not going to continue to feed the federal spending colossus.

(BEGIN VIDEO CLIP)

OBAMA: Most Americans -- Democrats, Republicans and Independents -- understand that we can't just cut our way to prosperity.

UNIDENTIFIED MALE: I want to disagree with those who say we have a spending problem.

REP. NANCY PELOSI: So it is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address.

SEN. MARY LANDRIEU: I am not going to keep cutting the discretionary budget, which, by the way, is not out of control, despite what you hear on Fox News.

(END VIDEO CLIP)

O'REILLY: Senator Landrieu and others are simply wrong. The federal spending is certainly out of control. The debt is approaching $17 trillion.

Here is how bad it is. In 2003 the U.S. spent just above $2 trillion. This year, the estimated spending will be $3.6 trillion, a 75 percent rise in spending in a 10-year period with no inflation.

And what do we have to show for all that spending? The economy is not much better. The poverty rate is about the same as it was 50 years ago. And salaries for working people are going down.

So why are we spending all the money? For what reason? I'll tell you why. Take a look at this chart put out by the Pew Research Center. It says 48 percent of Americans want smaller government and fewer services. But among Hispanics, only 19 percent want smaller government and fewer services. A whopping 75 percent of Latinos surveyed approve of bigger government and more entitlements. That's why President Obama is spending the money because he knows that a coalition of African-Americans, Hispanic Americans, organized labor, and committed liberals will overwhelm the Republican Party.

So in essence, the President is putting party politics above the good of the nation. History will record that and a few years from now when President Obama's administration is evaluated historians will not care about his charisma, his co-opting of the press or his demeanor in general. No. History will look at the facts. And the facts are that the USA is on the road to bankruptcy. And when that happens, if it does, President Obama will be blamed.

Previous presidents like Van Buren, Harding, Coolidge and Hoover all got hammered because of perceived bad economic policies. The fact is that right now Barack Obama is in that historical category. And that's a fact.

And that's "The Memo."

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