The Gallup company has been polling presidential approval ratings since 1938, and this week its poll says just 47 percent of Americans approve of President Obama's job performance. That is the lowest number ever recorded for any president at this point in his term.

Presidential spokesman Robert Gibbs says the White House is not concerned with daily tracking polls as they are vague.

Maybe, but last March Mr. Obama's job approval rating stood at 62 percent, so he has obviously lost a lot of ground.

By comparison, after approximately 11 months, Bill Clinton's job approval rating was 52 percent, Bush the elder 71 percent and Richard Nixon 59 percent. Bush the younger had a whopping 86 percent approval rating, but that was skewed by the 9/11 attack.

Now the reason President Obama is falling in the polls is because many Americans are uneasy with his leadership. It's not one thing, but when you combine Afghanistan with the health care chaos with high unemployment and a string of uninspired speeches, it's not hard to see why some Americans have lost confidence in Mr. Obama.

But with three years remaining in his term, the president has plenty of time to make a comeback, and indeed he gained some support for his Afghanistan policy after his speech at West Point last week. That means that many Americans still have an open mind about Barack Obama, and that's a good thing. They are watching and evaluating him based on performance, not ideology.

As we reported Monday night, I gave President Obama a "B" on jobs, a "C" on Afghanistan and a "D" on health care when asked by "Good Morning America" to grade the president. Some of you disagreed.

But for now the president is having a pretty hard time, and he needs to take a hard look at his liberal agenda because the country is moving to the right.

A new study by uber-Democrat James Carville says that 45 percent of Americans now call themselves conservatives. If President Obama continues to govern to the left and the economy continues to be shaky, he will be a one-term guy.

I believe he'd have a much better chance at success if he moved to the center.

And that's "The Memo."

Pinheads & Patriots

Sen. Harry Reid is a very impassioned Obamacare guy, and if you oppose Reid's vision, he'll tell you this:

(BEGIN VIDEO CLIP)

SEN. HARRY REID, D-NEV., MAJORITY LEADER: All Republicans can come up with is this, "Slow down, stop everything. Let's start over." If you think you've heard this same excuse before, you're right. When this country belatedly recognized the wrongs of slavery, there were those who dug in their heels and said, "Slow down."

(END VIDEO CLIP)

While supporters of Reid say he is a patriot for being so passionate, the slavery reference was definitely pinhead-y.

Click here to watch "Pinheads & Patriots"!

And on the pinhead front, we have another you make the call situation. Pop singer Lady Gaga, aka Stefani Germanotta, performed for the Queen of England. And then Ms. Gaga, wearing some bizarre face getup, got to meet the queen up close and personal. The queen looked amused, so she may be a patriot for taking it all in stride. Lady Gaga, however, well, you make the call.

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