By Bill O'Reilly

It's now quite clear that Mr. Obama and his advisers believe the only chance they have to win re-election, outside of the Republican candidate blowing up, is to convince Americans that rich guys have caused the bad economy.

The super committee is a fraud, as Democrats would not back away from demanding a $1 trillion tax increase even though they knew Republicans could not possibly accept that based on the election of 2010 and the promises made.

But the six committee Dems wouldn't move, would not agree to restructure the tax code to raise revenue. They simply demanded $1 trillion in new taxes.

Now, think about that. The goal of the super committee was to cut $1.2 trillion in spending over 10 years, a pittance, and the whole thing is derailed over a tax increase? The USA owes $15 trillion plus and the Democratic Party simply not willing to curtail the massive spending.

President Obama's own Simpson-Bowles commission wanted $2.2 trillion in spending cuts, but Mr. Obama ignored that. So what we have here is a sitting president who doesn't want to cut back, it seems. Just today the nation spent another $4 billion it doesn't have, just today.

In 2012, the president and the Democrats will put forth that rich Americans, and corporate greed-heads are responsible for the economic mess, including the massive debt. And sadly millions of Americans will buy that, failing to understand that another four years of wild spending will pretty much doom the country.

"Talking Points" isn't a partisan; I think you know that. I recognize the Republican Party is in disarray, divided between the moderates who will compromise and the zealots who will not.

But the Republicans do have an advantage. Every poll shows Americans have lost confidence in Mr. Obama's economic leadership, and if the Republican candidate can show a plan of fiscal responsibility and ward off the class warfare attacks, he'll win. But it will be nasty getting to next November.

And that's "The Memo."

Pinheads & Patriots

Jay Leno very curious about the "Bolder Fresher" tour.

(BEGIN VIDEO CLIP)

JAY LENO, HOST, NBC'S "THE TONIGHT SHOW WITH JAY LENO": Tell me about this tour. You and Bill O'Reilly are on tour?

DENNIS MILLER, FOX NEWS CONTRIBUTOR: Yes, we go out and I do 35 minutes of comedy. Then Billy comes out. He does 35 minutes of raconteur, humorous stories about growing up. The guy is fearless. You know, sometimes when you follow a comedian, I follow comedians where you're back stage and think, "Oh, my God, what's this going to be like?"

So I go out, I hit the ball pretty good. I'm not pounding my chest but I hit it pretty good. And O'Reilly goes out and he doesn't go into the same area. He just tells stories. They're humorous. He kills. We take a 15-minute break, come back, and we do a little Q and A with each other, like we're doing here, for the rest of the 35. It's fun.

I like traveling with Bill. Bill's like a big Irish beat cop with a stick. Remember the cop that used to walk the beat with that stick? Somebody got out of line, whap! And that's what O'Reilly's like.

LENO: If you want to get hit with a stick, be in Richmond on Friday...

MILLER: Richmond Friday.

LENO: And Atlantic City on Saturday.

MILLER: Borgata Saturday.

LENO: Borgata. It's my favorite room in New Jersey.

(END VIDEO CLIP)

All right. Well, you can decide whether Miller and I are pinheads or patriots. And information about the Richmond, Virginia, and the Atlantic City shows on BillOReilly.com.

— 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.