By Bill O'Reilly
First of all, I am not going to report all of the minutiae surrounding the debt debate. Much of it is nonsense and doesn't affect you at all. Most people in government continue to believe that some debt deal will get done, but that's speculation. If anything concrete happens, "The Factor" will report it immediately.
But even if the debt ceiling is raised and the feds drastically cut spending, the economy will remain at risk. That's because some American businesspeople fear President Obama's policies and are not hiring or investing as a result.
Entertainment mogul Steve Wynn put forth that point of view on a company conference call:
(BEGIN VIDEO CLIP)
STEVE WYNN, CEO, WYNN RESORTS: A president that seems, you know, that keeps using that word "redistribution," well, my customers and the companies that provide the vitality for the hospitality and restaurant industry in the United States of America, they are frightened of this administration. The guy keeps making speeches about redistribution and maybe we ought to do something to businesses that don't invest or holding too much money. You know, we haven't heard that kind of talk except from pure socialists.
(END VIDEO CLIP)
Now, whether you agree with Mr. Wynn's assessment or not, there is the perception on Wall Street that Mr. Obama is primarily interested in social justice and not capitalism. Therefore, some private businesses are hunkering down, not expanding, hiring and investing.
Most Americans well understand the economy's bad and the future is not bright. In order to win re-election, Mr. Obama has to change that outlook. He has to first convince big business that he will help them, and, second, convince everyday Americans that he will impose discipline on government spending and drop the redistribution stuff. If the president does not do those things, the American economy will get worse, no matter what happens with the debt debate.
"Talking Points" does not believe in the forced redistribution of wealth, but federal safety nets for children, the elderly and the ill are a must. You have to have them in a fair society.
But President Obama has made a major mistake by trying to take assets away from certain Americans and give them to other Americans. That is against our economic system, and it has been a disaster.
And that's "The Memo."
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