President Obama Wants You to Believe Him on the Economy

BY BILL O'REILLY

Employment data out this morning says that in July, 131,000 jobs were lost, another bad economic sign. But President Obama continues to believe that his policies will eventually turn the economy around. And he's not showing any signs of doubt.

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: Don't bet against the American worker. Don't lose faith in the American people. Don't lose faith in American industry. We are coming back.

What has been gratifying is the fact that the economy now is starting to save lives and grow again. And what's been satisfying is just seeing how resilient the American people are.

July marked the seventh straight month of job creation in the private sector. So jobs have been growing in the private sector for seven straight months.

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That's true, but the federal and state workers are now losing their jobs, which is why July was a bad month for employment. And when you do the math, the private sector deal is minuscule. Half trillion dollars in stimulus money spent. About 600,000 jobs added. Not a good performance so far.

Now "The Factor" wants to be fair to President Obama. And we well understand that every White House in history has spun events to make the folks think things are better than they really are. The spinning is simply politics, but the polls say that most Americans are not buying the spin right now, as Mr. Obama's job approval rating continues to fall. But the president is not about to take the blame, putting it all on the Republicans.

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OBAMA: They have not come up with a single solitary idea that is any different from the policies of George W. Bush, the policies that they had in place for eight years before we had a crisis. They're trying to get you to forget that they drove the car into the ditch!

When you get in your car and you want to go forward, you put it in what? D. When you want to go backwards, what do you do? You put it in R.

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Well, if you look at it without ideology, Mr. Obama is playing two cards. The first is that things are getting better economically. And the second card is that he inherited an impossible situation, so he needs more time to fulfill his promises.

The problem with the president is he doesn't seem to have any other cards to play. If the economy continues to be sluggish, there's nowhere else he can go. I'm sure Mr. Obama is looking forward to his vacation. And that's "The Memo."

PINHEADS & PATRIOTS

Our pal Harry Smith on the "CBS Early Show" roughed himself up this morning.

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UNIDENTIFIED FEMALE: Hold that mandolin. You can pick up these mandolins for 10 bucks. So take it and just run that over it. OK. See the zucchini, how it comes out just like a little paper chip? And you just kind of layer them over each other.

Harry, did you cut yourself? Oh no, Harry. Oh, no. I injured Harry. OK. So a little -- are you OK? Do we need to get a Band-Aid. Oh, my God.

HARRY SMITH, "CBS EARLY SHOW": I'm good. I knew that was going to happen.

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All right. So Mr. Smith had to go to the hospital. But his finger is OK, and for soldiering on he is a patriot.

For the pinhead, hello there, Ted Turner.

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TED TURNER, FOUNDER OF CNN: I think it is time to...

JESSE DRAPER, "THE VALLEY GIRL SHOW": I'm definitely -- I'm definitely against bombing.

TURNER: We have enough trouble as it is with earthquakes and volcano erupting. I mean, we don't -- we don't need to bomb, to bomb each other.

DRAPER: You were the creator of "Captain Planet," the environmental...

TURNER: Superhero.

DRAPER: ... superhero show. And I watched that show. I loved that show so much. I know the whole theme song.

(Singing) "Captain Planet, he's a hero. Going to take pollution down to zero. ..."

TURNER (SINGING): "Captain Planet, he's a hero. Going to take pollution down to zero. ..."

(END VIDEO CLIP)

"The Valley Girl Show." I missed that. Is Ted Turner a pinhead? You make the call.