By Bill O'Reilly

There is great joy in left wing precincts after President Obama's inauguration speech yesterday. No longer does the President seek to portray himself as a moderate. He is now an out-of-the closet liberal. That's no surprise. Every American should have realized the President's left wing ideology long before the address.

The problem we have in America is not, is not President Obama. The problem is us. We, the people have to decide whether we want to market based economy or allow the federal government to control commerce including healthcare and living expenses.

The President believes in equality and that's nice. Equality would be great. And if there is a heaven, I assume we will see it there. But on earth, equality is impossible. You cannot equate an American who holds a PhD with a high school dropout. No matter what President Obama tells us, the two will never be equal in the market place. Therefore, the President seems to want to change the marketplace, putting the federal government in charge of who gets what. Even in the private sector.

Now, yesterday, he confidently stated that his so-called progressive view will bring the nation prosperity. But it has not and it will not. In fact, if America continues down the big spending road, this country could well go bankrupt.

A very interesting question is why are so many Americans accepting President Obama's vision when less than 30 years ago President Reagan was the political icon? With Reagan in mind President Obama made his stand.

(BEGIN VIDEO CLIP)

KRAUTHAMMER: This was a declaration that his interest is to restore us to the liberal ascendancy of 60 years that Reagan stopped. He gave us these three decades and Clinton in the middle of the three decades said in his '96 state of the union address the era of big government is over. This speech was a declaration the era of big government is back.

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O'REILLY: And it's back with a vengeance. Let me give you a stark example of the choice all of us must make.

Years ago a man named Rupert Murdoch started a company called the News Corporation. Right now, News Corps employs 48,000 people worldwide. Those people, and I am one of them, are given opportunity. I have seized that opportunity and done well.

But President Obama told me I did not build The Factor alone. That the government somehow is partially responsible for my success. Well, it is true that I take a road to work, the Long Island Expressway. But believe me that is not helping me succeed, Mr. President; that road is a mess. And you won't fix it.

By contrast, the President has added more than 130,000 people to the federal payroll. Estimated cost to the taxpayer about $10 billion a year. Now, most of those federal employees work hard but their salaries and benefits are provided by the taxpayers in the private sector... the employees of News Corps. We give to the country by funding government and expanding business so more folks can work.

The struggle in America right now is not between Republicans and Democrats. It's between us, we the people. You either want freedom or you don't. And every time the government imposes a new tax or sets up more entitlements, it becomes stronger and we the people become weaker. That is what Inauguration Day 2013 was all about.

And that's "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" 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.