In order for more than 300 million Americans to have a chance at prosperity, you need a vibrant economy. At this point the USA does not have one. And that is now on President Obama.

As you may know, the President's economic vision is focused on so- called economic justice, giving help to Americans who don't have very much, providing vast federal entitlements means big spending and big taxation. Also the President doesn't seem to trust the capitalistic system therefore he has instituted new regulations in the marketplace and those might be inhibiting business expansion.

So the social justice economic plan is failing. The U.S. economy is stagnant as are wages for working Americans, thus quality of life is going down in this country.

Here are the facts to back that statement up. Seven out of eight jobs created during the Obama administration have been part time jobs; 54 percent of American workers make less than $30,000 a year. When Mr. Obama took office, the average duration of unemployment paid to an individual was 20 weeks. Now it's 37 weeks. The number of Americans who have stopped looking for work now more than eight million, the highest number in any four-year period.

When Mr. Obama took office, the trade deficit with China was $268 billion last year. It had risen to $315 billion. The U.S. poverty rate now stands at 16 percent, that number is higher -- higher -- than when the war on poverty began in 1965. Americans receiving food stamps in the President's first term increased by 11,000 every single day when Mr. Obama took office, the average price for gas, $1.85 a gallon, now $3.53 a gallon.

Finally health insurance premiums in the USA have increased 29 percent since the President took office. So by nearly every measure, working Americans are not in good shape economically. The Democrats put the blame on income inequality and want even more federal intrusion into the economy. Republicans want the exact opposite, the GOP believing that helping private business expand is the key to a more competitive marketplace.

"Talking Points" well understands that wages rise when workers are in demand. Today in America, competition for jobs is driving down wages because there are not enough jobs. Only business expansion will turn that dire situation around. Why President Obama doesn't seem to understand that, I simply don't know.

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.