By Bill O'Reilly

As author of the book "Killing Lincoln," I know a little bit about the nation's first Republican president and the current President Barack Obama knows something about Mr. Lincoln as well.

In fact, he often cites old Abe in his speeches. Here is an example yesterday in Ohio.

(BEGIN VIDEO CLIP)

OBAMA: I believe that the free market is the greatest force for economic progress in human history. I agree that everybody has personal responsibility for their own lives. Everybody has got to work hard. Nothing is ever handed to us.

But I also agree with our first Republican president, a guy named Abraham Lincoln, who said that "through government, we should be able to do together what we can't do as well on our own."

(END VIDEO CLIP)

O'REILLY: Interesting sound bite. Number one, Mr. Obama is responding to criticism from this program and other places that he is a social justice guy who wants government to somewhat control individual outcomes. The President denies that but there is no question that his administration has embraced the entitlement culture spending trillions of taxpayer dollars on it.

Now, what Mr. Obama said about Abraham Lincoln is also very interesting. We should do together what we cannot do as well on our own. Ok. What did Mr. Lincoln actually mean by that? Let's take slavery, for example. No American could defeat that on his or her own. We had to fight a war for emancipation. Americans in the north had to band together to defeat pro-slavery forces. That's a legitimate function of the federal government. Is it not? Of course it is.

Now, I believe President Obama would say that a just society is what Abraham Lincoln stood for. And that's true. But collective justice is far different than individual justice. All of us get hosed in life. Nobody escapes unharmed. The federal government can't alter that reality. We will pay for our mistakes and for the bad things people do to us.

What President Obama does not seem to understand but Abraham Lincoln did is the limitations of the bureaucracy. If the President continues spending the way he has in the past, he'll bankrupt the country. Is that justice for all? Economic chaos is not far away. And that is what this year's presidential election will be about.

Unlike some of you, I believe Mr. Obama is a sincere man. But I do not believe he understands economics. And I don't think he lives in the real world. But he should. He should.

For years Barack Obama worked on the south side of Chicago. He saw millions of dollars poured into that neighborhood. And he saw the money did very little to improve the lives of the people there.

In fact, the south side of Chicago is worse now than it's ever been. But President Obama has his story and he is sticking to it. But Abraham Lincoln's story, that's another matter.

And that's "The Memo."

Pinheads & Patriots

As you know, airline security driving a lot of folks crazy, and in the case of 49-year-old John Brennan, you can take that literally.

Brennan got fed up with the TSA in Portland, Oregon, and got naked.

JOHN BRENNAN, GOT NAKED IN AIRLINE SECURITY: They had actually already patted me down and were testing the residue from that pat-down. I had to ask what was going on. They were not very informative about what was going on.

And at the point I found out I tested positive for nitrates, which are an explosive, I decided the best way to show them that I'm not carrying a bomb is to take off my clothes. They get to choose when they see us naked in those machines, and I just decided, I'm going to speed the process up.

O'REILLY: Brennan has been charged with indecent exposure. Even though we're sympathetic to his plight, he is a "Pinhead."

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.