Hello Al Gore and the liberal press, looks like those tax cuts (search) for the rich have blasted the economy out of the recession as the nation is now experiencing explosive economic growth, with consumer spending and corporate expansion leading the way.

It's actually funny watching how the doomers on the left are handling the good economic news. They hate it because now there's one less thing to hammer President Bush (search) about.

But Talking Points would caution the president not to gloat. The federal government is spending far too much money on entitlements and wasteful programs that don't work. We the people are going to have to pay for all that down the road, long after Mr. Bush is out of office.

There's no question you can't have it both ways. You cannot run a nanny state as the far left wants and have reasonable taxation. That's impossible. The left wants an economy run by the government, with money going to every social and medical program imaginable. That's the liberal vision.

The conservative take is a supply side system, whereby consumers spend and jobs are created by the private sector, which profits from the spending, obviously.

No one in this country should pay more than half their income to the government. That is not how capitalism works. If we want to change over to socialism, let's discuss it.

But back to the Bush bashers. In a honest world, a tax cut for the rich crowd would admit they're wrong and applaud the expanding economy, which is obviously is good for the folks. But in the spin world in which we live, the Bush bashers will never give the president credit for anything.

Finally, Talking Points has a solution to the whole government spending mess. Every new entitlement should be funded by a national sales tax on everything except food and clothing under $100. Talk about taxing the rich -- those Mercedes-buying, yacht-sailing fat cats would pay their full share without slippery corporate deductions.

Cut income taxes even more for everybody. Finance entitlement spending with a national sales tax. There you go, President Bush. What say you?

And that's The Memo.

The Most Ridiculous Item of the Day

I'm taking a little jazz from a few people for promoting "Factor" gear, "Who's Looking Out for You?" and some other stuff for Christmas.

Now I feel your pain. We don't want to be the Home Shopping Network here. So I'm kind of walking a tightrope. We give a substantial amount of money to charity from the sales. We've posted those charities, by the way, on billoreilly.com. And the demand for the gear and stuff and the books is enormous, but, again, I have to be careful.

So I was heartened today when I saw a 10-page advertisement -- 10 full pages -- for The New York Times store. Wow. You can get a Times umbrella for 20 bucks. And a little Times delivery truck for 30 bucks. Got to have one of those. There's even a New York Times beach towel.

OK. So I'm not alone here. Most newspapers and networks have stuff they want you to buy. Of course, Factor stuff at billoreilly.com gear is the best by far, made in the USA. And if it were not, you know, it would be ridiculous.

--Catch Bill O'Reilly's Talking Points Memo and "Most Ridiculous Item" weeknights at 8 & 11p.m. ET on the Fox News Channel. Send your comments to: oreilly@foxnews.com