By Bill O'Reilly

President Obama got some good news today with the unemployment number dropping. The rate is now 8.5 percent, the President says that proves his economic policies are working. Those who don't like Mr. Obama say the improvement is due to the fact that millions of Americans have simply stopped looking for work.

"Talking Points" believes the American economy is improving slightly, but the big picture is federal spending and regulation, not decimal points on unemployment. As we said last night the campaign is really all about an entitlement society versus a self-reliant one. And the struggle will be intense.

As we saw in Iowa, campaigning negative can be very effective as Newt Gingrich got pounded by the attack ads on TV. So now the far left MoveOn Organization is beginning to attack Mitt Romney, believing that he has become the main threat to President Obama.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: I worked in the steel mill of Kansas City for 32 years. Then Mitt Romney and Bain Capital came in and took the place over and eventually shut it down. We lost our jobs. They made millions. Businesses, they're all gone. Jobs we'll never see again.

Mitt Romney wants to call himself a job creator. Mitt Romney doesn't care about jobs. He cares about money.

UNIDENTIFIED FEMALE: MoveOn.org political action is responsible for the content of this advertisement.

(END VIDEO CLIP)

O'REILLY: Now that propaganda will most likely not change many hearts and minds, but it gives you an idea of what's to come. On the Republican side, a group supporting Ron Paul attacking Jon Huntsman.

(BEGIN VIDEO CLIP)

(POLITICAL AD AGAINST JON HUNTSMAN)

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O'REILLY: Now, the Paul campaign says the Congressman has nothing to do with that ad and doesn't like it. However, I might point out the supporters of Ron Paul recently attacked me and we asked the Congressman if he condoned that. Unfortunately, he basically avoided the issue.

The point here is that the campaign is getting dirtier fast and candidates should be held somewhat accountable for what their supporters do.

Earlier this week we told Rick Santorum that the left-wing media would begin to demonize him. Presto, I'm an Oracle. The front page of the New York Times hit piece today on the Senator.

The election still about 11 months away and I predict when the vote finally does roll around, we're all going to be very, very sick of the vicious attacks. In fact I'm sick of them now.

And that's "The Memo."

"Pinheads and Patriots," the world of course, waiting, the whole world is waiting to see what "The Jersey Shore" people think about the political landscape.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: What is a caucus?

UNIDENTIFIED FEMALE: Sorry?

UNIDENTIFIED FEMALE: Oh, I know this one.

UNIDENTIFIED FEMALE: A caucus?

UNIDENTIFIED FEMALE: She knows what this is.

UNIDENTIFIED FEMALE: What is a caucus?

UNIDENTIFIED FEMALE: You mean the part of the body?

(LAUGHTER)

(CROSSTALK)

UNIDENTIFIED FEMALE: A carcass?

UNIDENTIFIED FEMALE: No, a caucus.

UNIDENTIFIED FEMALE: Let me get a spelling on this?

UNIDENTIFIED FEMALE: C-A-U-C-U-S, caucus.

UNIDENTIFIED FEMALE: I thought it was what you were thinking. But it's not.

ELLEN DEGENERES, HOST, "ELLEN": It is kind of going on right now for the Republican -- anyway, I'll see you later.

(END VIDEO CLIP)

O'REILLY: Well, you can sort out who the pinheads are in that one. It's far too complicated for me. And I have held to my thing. I have watched that program. Never. Never watched it. Used to live in Jersey, many years.

— 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.