Bill O'Reilly: President Obama and the Economy
By: StaffJuly 26, 2011
Share on Facebook Share on Twitter

By Bill O'Reilly

Although he may not know it, the debt crisis is the biggest crisis of President Obama's professional life.

The country is looking for leadership, looking to have its economic future secured. But at this point, President Obama is not delivering. A new Rasmussen poll out Monday says 23 percent -- just 23 percent -- of American voters strongly approve of the president's job performance; 44 percent strongly disapprove. That is a disaster.

Americans are finally realizing that under President Obama the nation's racking up debt to the tune of more than $4 billion every day, far more than Presidents Clinton and Bush.

Also, the president's budget proposal last May contained few spending cuts and was rejected by the Senate 97 to nothing; 97 to zero, both parties repudiating Mr. Obama's budget vision. Add to that the awful economy; unemployment up, worker security down, despite $1 trillion dollars in stimulus spending.

So you'd think President Obama would want to get a budget deal done, that he would want to embrace large spending cuts and lower tax rates in order to stimulate the economy. The stimulus didn't work, obviously. So why not try supply side by putting more money into the hands of American consumers. Rich or poor, it doesn't matter; consumer spending drives the economy.

The only thing "Talking Points" can think of is that President Obama really doesn't want a budget deal, a debt compromise, that he's hoping the country will blame the Republicans for the chaos. And that he will be re-elected on that sentiment.

Once back in office, the president can continue to grow the government and provide the so-called social justice that is political philosophy. It's a gamble, but that's what I think is going on. The president could have had a deal last week with $800 billion in new revenue. But he said no. He wants $1.2 trillion more from the taxpayers. And the Republicans simply aren't going to do it.

As an American, I'm angry about this situation. It's totally out of control. There is little leadership coming forth. The entire world is watching America, wondering if we've lost our minds. You can't owe $14.5 trillion and be fighting about spending cuts. That's insane.

Some on the far-left actually want the capitalistic system to collapse. They want a quasi-socialistic system where the government pays people's bills. President Obama buys into that philosophy to a certain extent, and that is driving the economic failure.

The USA prospers when business expands and consumers spend. We all know that. Right now the federal government is hindering that, with President Obama leading the way. Most Americans are beginning to wise up. When 44 percent of American voters strongly disapprove of a job the sitting president is doing, that president is in dire trouble. Thus, the address Monday night. And that's "The Memo."


Finally, "Pinheads & Patriots." The new movie "Captain America" out-grossed "Harry Potter" over the weekend, pulling in an estimated 65 million bucks here in the USA alone. The thing about "Captain America" is that it makes the USA look good.


STANLEY TUCCI, ACTOR: Our goal is to create new breeds of super soldiers.

HUGO WEAVING, ACTOR: What makes you so special?

CHRIS EVANS, ACTOR: Nothing. I'm just a kid from Brooklyn.


Wow, that's a lot of dialogue there.

While many movies denigrate America, the Captain puts us in a good light. Therefore, he's 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 Send your comments to:

Transcript Date: 
Mon, 07/25/2011
Transcript Show Name: 
O'Reilly Factor