By Bill O'Reilly

Economic data in this week paints a bleak picture of the U.S. economy. Housing prices continue to fall, unemployment not getting any better, and consumer confidence in the tank. All bad news for the Obama administration -- no president since FDR has been reelected with economic data that bad.

And then there is the $14 trillion-plus debt. The mistake President Obama is making is that he believes the federal government can control economic growth. It can't. Only the private sector can.

The president and Mr. Bush before him were correct in supplying taxpayer money to keep the banking system from collapsing. And Mr. Obama was also right in lending some American corporations cash to recover. As we reported last week, most of the TARP funds have now been paid back.

But the president's overall economic philosophy is hurting the nation. Is he spending far too much money on social justice and has not a clue -- not a clue -- on how to reform things like Medicare.

And as you may know, Mr. Obama has not put forth any economic plan other than this.

(BEGIN VIDEO CLIP)

BARACK OBAMA, PRESIDENT OF THE UNITED STATES: I say that at a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more.

(END VIDEO CLIP)

So, let's step back for a moment. Mr. Obama wants to raise taxes on the affluent, including small business owners who hire people. Does that make sense to you? If you want more jobs, you must give business incentives to hire, not take more money away from the entrepreneurial class.

This week, Greece got whacked again. The country is bankrupt. Spain in big trouble. And Italy is right behind them. All of those economies essentially run by the governments. So is the economy of Cuba. How is that working out?

"Talking Points" believes Mr. Obama's passion for spending is damaging the American economy. And that will be the centerpiece of the 2012 presidential campaign.

By the way, people who can't get jobs are hurt in many ways not just economically. There's a ripple effect. Kids see their fathers and mothers distraught. Families are broken up. It's awful.

The leadership in Washington must understand -- must -- that reform and incentives to the free market are desperately need. That's "The Memo."

PINHEADS & PATRIOTS

You may remember Richard Heene told the world his 6-year-old son, Falcon, was trapped inside a balloon, flying over Colorado. Well, Mr. Heene was lying and later sentenced to 90 days in jail. There's the deal.

Now Heene wants to sell that balloon.

(BEGIN VIDEO CLIP)

RICHARD HEENE, FATHER OF "BALLON BOY" FALCON: What we're going to put the flying saucer that we have built -- the craft up for auction, for charity.

(END VIDEO CLIP)

Heene says the money raised will go to help the Japanese tsunami victims. That sounds OK. But I still think the guy's a pinhead for doing this to get attention, and perhaps rehab his cred.

On the patriot front, we want to bring your attention to a very worthy cause. The Spirit of Liberty Foundation is driving cross-country Jeeps to raise money for America's military people who have been killed and wounded in action. So if you see the Jeeps, please help them out. You will be a patriot for doing so.

- 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.