By Bill O'Reilly

You may have noticed The Factor has not covered the fiscal debate very much. Not going to use that cliche, not going to say it. That's because it was a fake crisis as the "Wall Street Journal" says today in its lead editorial.

The deal Congress struck last night could have been done last August. But the politicians in both parties wanted to posture, setting up phony scenarios for their own personal aggrandizement.

So here is really what's going on. President Obama has succeeded in raising taxes on every working American. Every one of us, those who are doing well will now pay close to 50 percent of their income to the feds. Those making below $400,000 a year will pay a variety of new Obamacare taxes and see a two percentage point rise in their Social Security payment.

So everybody gets hit. If you invest, you will be paying about nine percentage points more in capital gains and dividends tax. If you die and your estate is worth more than $5 million bucks you will pay 40 percent of death tax to the feds. President Obama is not finished. He wants more from the affluent.

(BEGIN VIDEO CLIP)

OBAMA: We can't simply cut our way to prosperity. Cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most Americans.

(END VIDEO CLIP)

O'REILLY: No question now. No question that the American people have voted for a president who wants to redistribute income. He is not going to stop. The socialist tenet where a central government takes and gives as it pleases. That will have many unintended consequences beginning with the economy. If the higher tax rates slow business in the USA then President Obama's second term will be a disaster.

Also, it's now clear that Mr. Obama doesn't much care about federal spending. You simply don't run up deficits of more than a $1 trillion dollars a year, even with all this new revenue. Even with that. You don't run up those deficits if you are concerned about fiscal responsibility.

Clearly the President has not offered any meaningful spending cuts or entitlement reform. And after four years he has not offered any solutions to the crushing $16 trillion debt.

Now, in the past, that would have sunk an incumbent president. Not today. "Talking Points" believes Mr. Obama won the election largely on emotion. Millions of voters supported him because Mitt Romney didn't really run his campaign with any urgency or emotional appeal. While Mr. Obama promised working Americans stuff.

So now we're all on the same lifeboat. President Obama is going to take as much money as he can from successful people and dole it out. He's not going to make any meaningful cuts in government spending. Not going to do it. And he might even expand the entitlement culture. I believe this will lead to economic disaster for the country.

But as always, I could be wrong. 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.