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Most disappointed in Obama presidency

This is a RUSH transcript from "The O'Reilly Factor," February 27, 2014. This copy may not be in its final form and may be updated.

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O'REILLY: "Impact Segment" tonight, new poll from CBS News that says that 79 percent of American adults are dissatisfied the way things are going here in Washington; just 19 percent think things are swell. 63 percent say the country is going the wrong direction; just 32 percent say the opposite. President Obama's job approval rating -- 41 percent.

Joining us now from New Orleans to react: big President Obama supporter James Carville. Bad numbers, right?

JAMES CARVILLE, DEMOCRATIC STRATEGIST: I would -- I would call them unimpressive. But if you put them in context first of all when we compare it to and I have to bring it up but President Bush ended at 21 percent, 41. That's somewhat different. And I would also point out to our viewers that the CBS poll tends to run about four or five points behind other polls. And it's just a matter of methodology. But I did an unimpressive numbers I would call them unimpressive.

O'REILLY: So you are in office for five years and you are going into your sixth year.

CARVILLE: Right.

O'REILLY: And then the country is obviously not working.

CARVILLE: Right.

O'REILLY: You are the leader. I mean, there is a gazillion reasons why it isn't working.

CARVILLE: Right.

O'REILLY: But it isn't working according to the folks. So, you are the President. Now, if I'm the President and it's not working, I do different things. I don't stay the course because, after five years, the course is not working. It's like an athletic team. After five years, if you're still in last place, and not making the playoffs. You've got to change. You say?

CARVILLE: Well, I would say this: that first of all I don't -- it's very hard to really change the course. Number two is there is a certain lag time if things aren't working. You and I have a disagreement. I think the healthcare thing is starting to work pretty good. It's not to catch up with the polling until sometime in the future.

Now if the job numbers are the first two months of this year indicative of long term job numbers then the numbers have going to say low. If however some people think not all the job numbers improved, the numbers will improve.

But 41 in the CBS poll is unimpressive but I would say it's not awful. And there's a chance it could rebound.

O'REILLY: All right but the folks don't believe what you believe and the reason they don't is money. It's not the job numbers that indicate how the economy is doing. It's how much take home pay you have.

CARVILLE: Right.

O'REILLY: And right now, the take home pay is going down. It's going down. And no president can survive in the court of public opinion when take home pay is declining. It's impossible.

CARVILLE: Well, first of all, I think he survived. And I think 41 is a survival number. It's not impressive number. I will agree with you on that. And I couldn't agree with you more. The economy is unimpressive. It's been unimpressive for a period of time. And when the job market is as weak as it is, then take home pay is going to be less. And if you get a better job market, I think the economists will say you will get more take home pay.

O'REILLY: I'm telling you it depends on what jobs they are and these aren't big paying job that are being created.

CARVILLE: Right.

O'REILLY: Now let me -- let me throw this at you.

CARVILLE: Sure.

O'REILLY: You have an article in the "New York Times" today, I know it's not the "Times Picayune" of New Orleans but the "New York Times."

CARVILLE: Oh wow.

O'REILLY: It says -- for the second time it's the second time this paper has done this kind of an article, that the Republicans will probably make big gains in Congress in November what it implies is the Republicans may take the Senate. If Republicans take the Senate, it's lights out -- it's lights out for the President.

CARVILLE: It's not lights out.

O'REILLY: They're not going to get anything done.

CARVILLE: Well I mean first of all deal with realities. I would also point out that there was much more negative feelings toward the Republican Party and the Democratic Party in that poll. And that the historic number high identified, Democratic identifiers compared to Republicans. So I don't know --

O'REILLY: But it's all about Independents -- all the Independents are breaking Republican.

CARVILLE: That's because there is more Democrats than Republicans. But I don't want to get into that. I agree with you that this in the shaping up right now as a great year for Democrats. I think it will improve. But the six year of a presidency never was. Reagan got slaughtered in 1986. We don't go say that his presidency was a waste.

O'REILLY: Oh I'm telling you it will be veto city. If they lose, the Democrats lose the Senate, it's just going to be one veto after another. And Mary Landrieu down in New Orleans, she better be looking for another job. She is out. She is gone.

(CROSSTALK)

CARVILLE: No, it's tough. I will agree with you.

O'REILLY: Carville you want to make a bet on that?

CARVILLE: Absolutely.

O'REILLY: All right dinner.

CARVILLE: You got it.

O'REILLY: Dinner. All right James Carville, everybody.

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