By Bill O'Reilly

First of all, I'll be traveling to Charlotte on Thursday for the President's big speech. But for tonight and tomorrow, we'll do what we did last week. We'll have some "Factor" analysis and also bring you some of the speeches.

As you may have heard, Fox News dominated the ratings on the Republican convention in Tampa beating every TV news operation in the country. And boy, are they mad. Thank you all very much.

Now, down in North Carolina, the Democrats are really up against it this year. Their story is grim and a new poll conducted for "The Hill" newspaper confirms that. Survey among likely voters asked, based solely on job performance, does President Obama deserve to be re-elected? 54 percent say no; 40 percent yes; six percent not sure.

When asked if the country is in better or worse condition overall than it was four years ago, 52 percent say worse; 31 percent better; 15 percent about the same.

So you can see the mood of the country is not with President Obama in the Democratic Party. Therefore, in order to defeat Mitt Romney and the Republicans, the Democrats are going to have to do some high-stepping. The first thing they'll do is tell voters they are absolutely better off than they were four years ago, they just don't know it. The Obama team will also continue to blame all the bad stuff on former President Bush.

(BEGIN VIDEO CLIP)

JOE BIDEN, VICE PRESIDENT OF THE UNITED STATES: America is better off today than they left us when they left. And if it weren't so hot, if it weren't so hot, I'd go into detail why. But let me sum it up this way, folks. You want to know whether we're better off? I got a little bumper sticker for you; Osama bin Laden is dead and General Motors is alive!

(END VIDEO CLIP)

O'REILLY: But will that bumper sticker be enough? There is no question the country is worse off today despite the Vice President's rhetoric than when President Obama took office. And if you're speaking to someone who disputes that, immediately terminate the conversation because that person is irrational, a Kool-Aid drinker.

Take a look at this chart. When President Obama took office, unemployment was at 7.8 percent. After three and a half years, it stands at 8.3 percent. Median income when the President took over, about $55,000; now, $51,000. Gasoline prices in January 2009, $1.84 per gallon; now, $3.82 a gallon. That's painful to working folks and is largely ignored by the President.

National debt, $10.6 trillion when Mr. Obama took over the oath of office. It is now more than $16 trillion, an astronomical and dangerous rise. And finally the budget deficit, President Bush's last year, $458 billion in 2011; under President Obama, it had risen to nearly $1.3 trillion. Again, a dangerous amount of money to have to borrow.

There is no way the Democrats can spin those stats, they're in stone. The country is in trouble. There is no question about it. But there is a question about how to get out of that trouble. Many voters believe President Obama has had enough time to improve things. That if a football coach inherits a team and that team is worse three and a half years later, the coach is out of there, the coach gets fired.

Mr. Obama says wait a minute, his situation is unique.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Historically, after these big financial crises, you know, where a lot of people are dealing with debt or a collapse of the housing market, you know that creates bigger challenges and we're seeing this not just here in the United States, but around the world.

But what I would say is the steps that we've taken in saving the auto industry, in making sure that college is more affordable and investing in clean energy and science and technology and research, those are all the things that we're going to need to grow over the long-term.

(END VIDEO CLIP)

O'REILLY: Now, there is no use in debating President Obama's opinion. He believes it and so do his followers. All the charts of the world are not going to change their minds. So it's up to you, the voter, to decide whether Mitt Romney and the Republicans should get a chance to improve things. And therein lies a question mark.

"Talking Points" has said from the beginning of this campaign that the vote will be a referendum on Barack Obama. It will be an up or down vote on him.

The Republican Party knows that. Therefore, Governor Romney is going to play it very safe. He's not going to be drawn into policy controversy. He's not going to make any bold and fresh statements. He's simply going to say that President Obama has failed to bring prosperity to America and that he, Mitt Romney, will be able to do that.

As for the President, he will say that Romney's vision will not succeed. But of course the President doesn't know that. It's a hypothetical. I believe that if America continues its record spending, continues to borrow billions of dollars every day, the economy is going to get much worse. But I can't prove that. It's just what I believe.

Many liberals don't seem to care much about looming bankruptcy. They want to provide social justice and they don't really care about the unintended consequences. To them, fiscal responsibility is not a factor at all.

So throughout this Democratic convention this week, you're going to hear that the Republicans want to hurt the folks by taking away their rightful stuff. You'll also hear how the President wants to help the poor and middle class and he will tax the wealthy and business owners in order to give the folks more stuff.

It's really useless to debate those points over and over. Republicans want competition and an open market place capitalism. Democrats want government control of the economy and social justice. You're going to have to make the call.

Both Obama and Romney want power. And the way to get power is to tell voters that you'll look out for them. So the rhetoric goes round and round and round. It doesn't get us anywhere.

"Talking Points" is a big performance guy. President surely know his administration has not been economically effective. In fact he gave himself an incomplete when asked to grade his overall performance. That may be generous with every economic category down big with the folks paying $2 a gallon more to gas up. With the nation owing $16 trillion, incomplete seems to be a soft word.

America is in trouble. Politicians in both parties better recognize it and they better do something about it or all of us will suffer big time in the years to come. We need unselfish leadership, Abraham Lincoln leadership, and we, we the people, need to recognize the truth. The BS has to walk.

And that's "The Memo."

- You can catch Bill O'Reilly's "Talking Points Memo" 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.