By Bill O'Reilly

Factor viewer Dave Nichols who lives in Okeechobee, Florida believes that California will be America's Cyprus and he might be right. The Golden State currently owes a whopping $164 billion, which it can never, never repay without selling San Francisco to Beijing.

So, when California eventually defaults on its massive debt, which it will, the specter of state officials seizing private property might not be all that crazy. Right now the good folks who live in California paying the highest taxes in the nation; 21 percent when you add the state income tax to the state sales tax.

And the financial madness in California is epitomized by the case of 63-year-old Susan Muranishi. She is the highest paid county administrator in the state, perhaps the nation, making an astounding $424,000 a year.

But thankfully for the taxpayers, Susan will soon be retiring. Oh, oh I made a mistake. I said thankfully she will soon be retiring. Ready? In retirement, Susan Muranishi will be making $470,000 bucks per annum. That's right! The Alameda County has awarded Susan a package worth nearly a half million bucks every year for life.

(BEGIN VIDEO CLIP)

SUE CARO, CHIEF ALAMEDA COUNTY REPUBLICANS: A healthy woman of 63 has a life expectancy of 22 years more. And when you calculate her pay package times 22 years, the Alameda County taxpayers are going to be paying her well over $9 million in her retirement.

(END VIDEO CLIP)

O'REILLY: So how could this happen? Well, it's all about political corruption. Susan has a big job. She oversees a number of county agencies but she did not find a cure for cancer. In Alameda County, that's Oakland, and many other counties the power structure and unions take care of themselves and the taxpayers have no blanking idea what's going on. I mean, do you have time to attend county hearings? I don't.

Craven politicians often sell out to the unions and give them huge pension benefits so they will not strike or cause trouble. Where I live in Nassau County, New York. Benefits are through the roof. And the working folks actually have to move out of the county because they can't afford the property taxes.

Cities like Stockton and San Bernardino, California; Detroit, Central Falls, Rhode Island and the entire county of Jefferson and Alabama have all collapsed financially. And many more are on the verge.

As we have seen on the national level, politicians are buying votes by promising people stuff. Then turning around and giving unions and local governments anything they want. The result? The USA is in huge trouble financially.

But Susan Muranishi is not. She'll be living large in California for the rest of her life. I hope she sends thank you cards to each and every taxpayer in Alameda County.

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.