Bill O'Reilly: Why many Americans cannot make much money
By: StaffJanuary 23, 2014
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By Bill O'Reilly

A centerpiece of the Democratic Party strategy is to convince Americans that the federal government can get you more money. And in some cases, that's true. New data from the Department of Agriculture, says 20 percent of all American homes are now receiving food stamps, a record. And plenty of those folks need help because incomes in America are dropping.

Since President Obama took office in 2009, the median income has fallen seven percent in the USA. It now stands at $52,000 bucks, down from $56,000 just a few years back.

There are many reasons this is happening. But competition -- competition is the main one. The USA assigned trade deals with China that have moved many jobs out of this country to China where wages are very low. Also China puts high tariffs on our products making our stuff too expensive for many Chinese people to buy. So, American workers are getting hosed by that trade policy with China.

On another front, Obamacare is making health insurance more expensive for many American workers, thus take home pay drops. Also taxes in general going up, especially fees. There are fees for everything -- tolls, that kind of stuff. They are draining our wallets.

In response to the pressure on income, Democrats promise entitlements, but of course, we the people must pay for them. I want every American to have good food, and I'm willing to pay my fair share to make that happen. But I make a lot of money and most Americans do not yet they are also taxed to the hilt.

So let's recap economic deals with foreign countries hurting American workers, the new national health care law draining money from the folks and high taxation gutting take home pay. That's why there is income inequality.

Now, the solution to the problem is simple -- more well-paying jobs. But the feds can't create those jobs. That must be done by the private sector. And private business must have incentives to hire. Obamacare discourages hiring in many places. And the high corporate tax rate in America means more money is kept overseas where it isn't taxed by huge companies. It's not being invested here. Investment means jobs.

The nanny state economy driven by far left social justice people, wreaking havoc in the working class precincts -- that's the truth. But the truth is complicated. And with people spending so much of their time surfing the net, texting, watching garbage TV, many don't understand economics. Thus the false promise, the false promise of income equality is seducing some voters.

And that's "The Memo."

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Transcript Date: 
Wed, 01/22/2014
Transcript Show Name: 
O'Reilly Factor