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Talking Points

Bill O'Reilly: More bad economic news... should we be frightened?

By Bill O'Reilly

Big news this morning, the unemployment rate ticking up to 8.2 percent in May, the first increase in 11 months. And just 69,000 jobs were created in America. That is dismal and does not bode well for President Obama's re-election.

The Rasmussen Daily Tracking Poll out today shows Mitt Romney at 46 percent, Barack Obama 45 percent. That number dangerous for the President.

And Romney knows it. Yesterday he was in California pounding Mr. Obama on the economy and visiting the bankrupt Solyndra Corporation, a failed enterprise that cost the taxpayer a cool $500 million.

(BEGIN VIDEO CLIP)

MITT ROMNEY (R), PRESIDENTIAL CANDIDATE: President Obama was here to tout this building and this business as a symbol of the success of his stimulus. Well, you can see that it's a symbol of something very different today. It's a symbol not of success but of failure.

(END VIDEO CLIP)

O'REILLY: The question now becomes why is the economy so bad? And "Talking Points" believes the answer is simple... fear. Many employers are afraid to hire people because they don't know if consumers will buy or what their healthcare costs are going to be.

Also the folks themselves aren't spending very much because they don't know if they are going to have jobs next month. Investors are spooked as well. Crazy oil prices and a very unstable stock market eroding confidence. Add to that madness in Europe. Insanity in Iran and the Far East slowing down, and you have a perfect storm of economic fear that no president could overcome.

Mr. Obama made a huge economic bet by spending trillions of dollars on a variety of projects, Solyndra being one of them. That bet has not worked. The economy is not improving quickly enough to allay fears.

The President continues to say his strategy will pay off soon but that's more about hope than anything else. There is absolutely no data to back that up. And so Americans must make a decision. Change the economic course or hold tight.

Instead of big government, pouring money into the economy, Mr. Romney wants to allow the private sector to drive the train. It's kind of complicated but it's your life. The decision is between the government running the economy or private business being in charge.

And I hate to say this but many Americans, perhaps most, have no clue about economics. But they do understand one thing. They are afraid.

And that's "The Memo."

Pinheads & Patriots

Word of the day is the word of the day, guetapens, a French-derived word that 14-year-old Snigdha Nandipati spelled correctly to win the national spelling bee.

(BEGIN VIDEO CLIP)

SNIGDHA NANDIPATI, SPELLING BEE WINNER : Guetapens, G-U-E-T-A-P-E-N- S. Guetapens.

UNIDENTIFIED FEMALE: Guess what? We have a champion of the 2012 Scripps National Spelling Bee, Snigdha Nandipati.

(END VIDEO CLIP)

O'REILLY: Unbelievable, because the word is pronounced differently than it's spelled. Guetapens means ambush. Snigdha is a "Patriot."