Updated

By Bill O'Reilly

As author of the book "Killing

Lincoln," I know a little bit about the nation's first Republican

president and the current President Barack Obama knows something about

Mr. Lincoln as well.

In fact, he often cites old Abe in his speeches. Here is an example yesterday in Ohio.

(BEGIN VIDEO CLIP)

OBAMA: I believe that the free market is the greatest force for economic

progress in human history. I agree that everybody has personal

responsibility for their own lives. Everybody has got to work hard.

Nothing is ever handed to us.

But I also agree with our first

Republican president, a guy named Abraham Lincoln, who said that

"through government, we should be able to do together what we can't do

as well on our own."

(END VIDEO CLIP)

O'REILLY:

Interesting sound bite. Number one, Mr. Obama is responding to criticism from this program and other places that he is a social justice guy who

wants government to somewhat control individual outcomes. The President

denies that but there is no question that his administration has

embraced the entitlement culture spending trillions of taxpayer dollars

on it.

Now, what Mr. Obama said about Abraham Lincoln is also

very interesting. We should do together what we cannot do as well on our own. Ok. What did Mr. Lincoln actually mean by that? Let's take

slavery, for example. No American could defeat that on his or her own.

We had to fight a war for emancipation. Americans in the north had to

band together to defeat pro-slavery forces. That's a legitimate function of the federal government. Is it not? Of course it is.

Now, I

believe President Obama would say that a just society is what Abraham

Lincoln stood for. And that's true. But collective justice is far

different than individual justice. All of us get hosed in life. Nobody

escapes unharmed. The federal government can't alter that reality. We

will pay for our mistakes and for the bad things people do to us.

What President Obama does not seem to understand but Abraham Lincoln did is

the limitations of the bureaucracy. If the President continues spending

the way he has in the past, he'll bankrupt the country. Is that justice

for all? Economic chaos is not far away. And that is what this year's

presidential election will be about.

Unlike some of you, I

believe Mr. Obama is a sincere man. But I do not believe he understands

economics. And I don't think he lives in the real world. But he should.

He should.

For years Barack Obama worked on the south side of

Chicago. He saw millions of dollars poured into that neighborhood. And

he saw the money did very little to improve the lives of the people

there.

In fact, the south side of Chicago is worse now than it's ever been. But President Obama has his story and he is sticking to it.

But Abraham Lincoln's story, that's another matter.

And that's "The Memo."

Pinheads & Patriots

As you know, airline security driving a lot of folks crazy, and in the

case of 49-year-old John Brennan, you can take that literally.

Brennan got fed up with the TSA in Portland, Oregon, and got naked.

JOHN BRENNAN, GOT NAKED IN AIRLINE SECURITY: They had actually already

patted me down and were testing the residue from that pat-down. I had to ask what was going on. They were not very informative about what was

going on.

And at the point I found out I tested positive for

nitrates, which are an explosive, I decided the best way to show them

that I'm not carrying a bomb is to take off my clothes. They get to

any time on foxnews.com/oreilly. Send your comments to:

oreilly@foxnews.com.