A recent field poll says Governor Schwarzenegger's job approval rating is -- ready -- 27 percent, down from 65 percent shortly after he took office. The reason for Arnold's collapse is that the Golden State is bankrupt. Can't pay its bills. Has a $20 billion-dollar deficit. $20 billion.

Now seven years ago, Californians booted out Democratic Governor Gray Davis in an embarrassing recall vote, and Arnold walked into power. Today, 59 percent of Californians say the governor will leave the state worse off than it was when Davis was booted. And here's why you should care. What is happening here in California is also happening in Washington, D.C.

Thursday, President Obama will sign an executive order creating a debt commission, where a bunch of Americans will try to figure out how to stop massive federal spending. Okay, fine. But it's mostly a waste of time. If you want to stop spending, stop spending. Why do you need some pinhead commission to tell us that?

A new CNN poll says just 44 percent of Americans would vote for President Obama in 2012 as things stand now. 52 percent would vote against him. There's no question America is in serious trouble. And the folks know it. We are wasting billions of dollars every year. And health care entitlements, the military budget, Social Security, all of those things are out of control.

Liberal Americans will say the president should raise taxes to slam down the deficit. Well, that's what Governor Arnold did here in California. That's what he did. And here's what happened. Unemployment skyrocketed. It's now 12.5 percent. Companies left the state. And so did many wealthy people. So the tax hike worked against the California economy. And the same thing would happen at the federal level if Obama raises taxes.

So, with the economy in bad shape, that can't happen. Tax hikes have to be postponed. I can foresee a 2 percent national sales tax somewhere down the road, but not now. Today, it's spending cuts on everything that must be implemented. That means crazy left politicians like Nancy Pelosi and Harry Reid out of here. Have to go. And this lunacy about the federal government running the economy has to disappear.

The Feds should make sure there's no corruption in our economy, but they can't run it. And that means the health care realm as well. President Obama should take a good look at Arnold Schwarzenegger. They have a lot in common. Both are charismatic. Both ran as outsiders. Both won. But Arnold has failed. And if Mr. Obama doesn't see that, it could happen to him. He's not living in the real world.

And that's "The Memo."

Pinheads & Patriots

We'd like to thank American Airlines, which really helped us out today. A "Factor" crew person hurt her leg, and American was kind enough to quickly get her on board a flight home and help her out at LAX, which is a very intense airport, as you know. So the good people at American are patriots.

On the pinhead front, one of the worst things about doing a live performance in America these days are pinheads using cell phones. Singer Adam Lambert was recently confronted with that.

(BEGIN VIDEO CLIP)

(MUSIC)

ADAM LAMBERT, SINGER: OK, wait, sorry, can you get off your phone? You're yelling into it. Sorry, we're going to start over. Sorry, guys. Really? "Dominoes, we deliver." You're not watching TV honey. It's a live show.

(END VIDEO CLIP)

Click here to watch the video!

Now, Mr. Lambert's response was appropriate and the cell phone user was a pinhead.

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