By Bill O'Reilly

Thursday night, right before the NFL kickoff, President Obama will try to convince us once again that he has a formula to create jobs in America. Unfortunately, we've seen this movie before and the ending is grim.

Now, it is possible the president will come up with new stuff that might actually improve the economy. That is possible, but not probable.

Advance word is that Mr. Obama will promote job creation by the federal government and some targeted tax cuts in the private sector. Again, we've heard it all before. But the far left never tires of hearing it:

(BEGIN VIDEO CLIP)

REP. MAXINE WATERS, D-CALIF.: The president must be bold. I agree that he must have a jobs program, must create jobs. I'm talking about a program of a trillion dollars or more. We've got to put Americans to work. That's the only way to revitalize this economy.

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Ms. Waters, as usual, is wrong. Massive government spending has only increased unemployment from 7.8 percent when Mr. Obama took office to 9.1 percent now.

"Talking Points" and most Americans well understand that the feds can't run the economy. Only private corporations and small business people create jobs en masse. Here's some backup for that:

California was awarded $186 million in stimulus money to weatherize homes. So far, 538 jobs were created. That comes out to about $350,000 per job.

California also received $59 million taxpayer dollars to train people for green jobs, resulting in 719 folks being hired. A company called Johnson Controls received $300 million in federal grants to create more green jobs; 150 folks got hired. That's $2 million per job.

And finally, the U.S. Department of Energy loaned the Solyndra solar panel company a whopping $535 million. That company is backed by George Kaiser, a major Democratic donor. Well, last month Solyndra announced it's going bankrupt. Kiss the $535 million taxpayer dollars goodbye.

I could give you hundreds of other examples. Hundreds. But here's the kicker: The U.S. Post Office is going bankrupt. It can't pay back the Treasury Department for loans, $5.5 billion in loans. The Post Office has huge pension obligations, and with the arrival of e-mail, its business is almost obsolete. Prediction: The taxpayer will never see the $5.5 billion loaned to the Post Office.

America is driven by the private sector. The free marketplace creates jobs and prosperity. President Obama does not seem to get that, and that is why he may very well lose the election of 2012.

And that's "The Memo."

Pinheads & Patriots

Madonna was over in Venice, Italy, recently when a fan approached.

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UNIDENTIFIED MALE: I love you. Good luck.

MADONNA, POP SINGER: Thank you. Thank you. I absolutely loathe hydrangeas. He obviously doesn't know that.

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Well, Ms. Madonna ought to look up the word "graceful" in the dictionary. She is a pinhead.

On the patriot front, Stevie Nicks has a brand-new album called "Secret Love," and one of the songs on it is dedicated to wounded American service people.

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STEVIE NICKS (SINGING): I am a soldier's angel, through the eyes of a soldier, though the eyes of a soldier, I am a soldier's mother. Through the eyes of an angel, I am a soldier myself.

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Ms. Nicks is donating the proceeds from that song, "Soldier's Angel," to the Walter Reed Medical Hospital. Of course, she is a patriot.

— 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.