By Bill O'Reilly

Reports on Tuesday say that Greece is about to default on its obligations, go into bankruptcy. Why? Very simple: Greece is an entitlement state, and the government spent so much money it can't possibly pay its debts.

Here in America we have a similar situation. Our government is spending so much money we can't pay our debts either. But because the USA generates trillions of dollars in revenue, people keep lending us money, raising another Ponzi scheme scenario. We borrow, they lend, we run up more debt.

You would think President Obama's first priority would be to drastically cut spending, right? Get the deficit under control by eliminating expenditures the country can't afford. But as John Belushi once opined, nooooooooo.

The president wants a "balanced" approach to getting the debt under control; revenue enhancement along with a few cuts. Nothing drastic, mind you. But is the balanced approach fair, so to speak?

From 2007 to 2010, when the Democrats controlled Congress, America added $5.2 trillion to the debt, a record-setting amount in a nearly four-year time period. That is directly on Nancy Pelosi, Harry Reid, Barack Obama and George W. Bush. The Democratic Party embraced the incredible spending, and Presidents Bush and Obama go along with it.

Finally, we the people are beginning to understand that you must live within your means or economic disaster will bite you. President Obama wants us to believe that by taxing the rich he can begin solving the enormous economic problems that we have, but the government is already taxing the rich.

According to the Tax Policy Center, the very few households making more than a million dollars a year will pay an average of 29 percent in federal income tax. Households making between 50 and $75,000 will pay 15 percent. And households making between 20 and $30,000 will pay six percent.

But even if Mr. Obama is successful in raising the tax rate on the wealthy, he won't get much money. There are about 315 million Americans and just 230,000 homes bring in more than a million bucks a year. So it's a ruse, a class warfare illusion. Taxing the rich is not going to make much of a difference.

What will make a difference is reforming the entire tax code to collect more money, modifying the Medicaid and Medicare systems, and a 10 percent cut across the board on all government expenditures. If that would happen, America's economy would soar, money would pour in here from all over the world, unemployment would drop, business would expand and happy economic days would be here again.

If the feds don't cut spending, pass the baklava. Greece is the word.

And that's "The Memo."

Pinheads & Patriots

A new poll by a group called Poll Position asked about 1,200 Americans what is the best cable TV news network? And here are the results: Fox News was preferred by 36 percent, CNN by 28 percent, MSNBC just 17 percent, most of those communists. Now, if you selected FNC in the poll, you are, of course, a patriot. If you did not, you may be flirting with pinhead status.

— 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.