• By Bill O'Reilly

    According to all the polls, most Americans believe that government spending and the huge debt that's piling up is a major problem. But President Obama apparently does not believe that. Last night in his State of the Union Address, Mr. Obama would not cop to being the biggest spending President in history. No, he now sees himself as an investor.

    (BEGIN VIDEO CLIP)

    OBAMA: Every dollar we invest in high quality early childhood education can save more than $7 later on. Now if we want to make the best products, we also have to invest in the best ideas.

    Now is not the time to gut these job creating investments in science and innovation.

    We will keep faith with our veterans. Investing in world class care.

    We'll invest in new capabilities even as we reduce waste and more time spending.

    We need to make those investments.

    (END VIDEO CLIP)

    O'REILLY: Fourteen times he mentioned the word "invest"; Mr. Obama sounding like a Morgan Stanley broker. Now that's obviously a con. Massive government spend is out of control, period. Here's the proof, 2002, the year after 9/11 when the federal government was forced to dramatically increase spending to protect us, the yearly outlay was just over $2 trillion. Last year in 2012, the yearly outlay $3.5 trillion up 76 percent.

    Now every honest American knows the feds are spending far too much. And the country may well go into bankruptcy if the restraints are not imposed. But left-wing ideologues will not admit that.

    (BEGIN VIDEO CLIP)

    NANCY PELOSI: It is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address.

    SEN. TOM HARKIN (D), IOWA: So you have to ask the question if we are so rich why are we so broke? The reason is we have a misallocation of money, of capital. Too much has gone into fewer and fewer hands and to large corporations.

    (END VIDEO CLIP)

    O'REILLY: Sure, it's not the Obama Administration spending too much. It's those nasty corporations that are causing the debt. Again, do the Democrats think we're stupid? Apparently they do. And they may be right. President Obama is an honest man in the sense that he has never denied -- never denied that he wants to create a huge government colossus and spend trillions of dollars on entitlements. Yet American voters re-elected him despite all the warnings about fiscal irresponsibility.

    So now the country is invested in Mr. Obama for another term. Let the tax money flow.

    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.