By Bill O'Reilly

The lead editorial in the "Wall Street Journal" today laments the fact that the USA is losing power all over the world. The Journal points to Russia and Putin supplying tyrant Assad with weapons in Syria while the USA and the U.N. can do absolutely nothing about it.

Look at Putin. You've got to slap him right there. Slap him. Putin is a villain. He consistently thumbs his nose at America. He doesn't care about civilians being massacred with Russian weapons.

Also, Iran supplying Syria with weapons and military people even as it continues to develop its nuclear capability. Again, Iran does what it wants, doesn't fear the USA at all. So, this is very troubling to say the least.

The question is why are we declining?

First reason is the economy. The Obama administration is attempting to shift from a market economy to a quasi-socialistic approach whereby the federal government calls the shots, not private industry. That's what the jobs bill is all about. The government injects money into the economy. Now, that has failed by every measure and has also eroded consumer confidence both here and abroad.

And here is the worst part about it. President Obama has to know that the reason Europe is collapsing economically is because they abandoned the market economy. Greece, Spain, Italy all entitlement states; all going bankrupt. Yet, the President makes no attempt to downsize government in this country or to reduce the staggering debt that we have. He wants to spend more money. Again, all of that erodes confidence in the United States of America.

Now, on the Republican side, there is no question that the war in Iraq hurt the USA, cost nearly a trillion dollars and put heavy pressure on our military and for what? Yes, the Iraqis have some semblance of freedom but they certainly don't appreciate what we did for them.

The war in Afghanistan was a necessity, Iraq was not. Fighting two wars over a 10-year period has drained our military allowing Iran to believe we're not going to confront them.

So the "Wall Street Journal" is correct, America's power is in decline. The good news is the situation can be reversed. A return to the market economy and aggressive capitalism can rebuild what we've lost. Our military remains the finest in the world. Our technology is the best. And the working men and women of America have no equal. But this country needs to harness those strengths fast.

And that's "The Memo"