By Bill O'Reilly

Yesterday President Obama echoed a familiar theme about the American economy.

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OBAMA: The average CEO has gotten a race of nearly 40 percent since 2009. The average American earns less than he or she did in 1999. This growing inequality, not just of results, inequality of opportunity -- this growing inequality, it's not just morally wrong. It's bad economics.

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O'REILLY: Since Mr. Obama has been President, more than $6 trillion have been added to the national debt, much of that spent by the feds trying to redistribute income. Welfare payments have exploded. Obamacare costs a fortune and things like food stampings and disability are at record levels. It's clear that President Obama wants the federal government to run the economy and that has been a disaster.

Economic growth in this country is about two percent. That's why wages aren't rising. Workers make more money when there is a demand for their services. For example, my salary has gone up because other people would like to hire me. But with high unemployment and companies afraid to expand because of high taxation, there's little incentive for businesses to pay workers more. President Obama does not seem to understand that.

And then there is the cultural problem. Even if there were plenty of jobs, most employers are not going to hire people who can't read well and speak proper English.

Right now the unemployment rate among black males age 16 to 19, 57 percent; 57 percent. It's 25 percent for white males that age. Overall, black unemployment, 14 percent; white unemployment, 6.6 percent.

The reason, in many poor neighborhoods there's chaos, violence and little discipline in the public schools. Kids aren't learning. Also with the African-American-out-of-wedlock birth rate, at 73 percent. Many young blacks are unsupervised and prone to imitate bad behavior like what Lil Wayne puts out.

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WAYNE: Pop a lot of pain pills. Bout to put rims on my skateboard wheels. Beat that [EXPLETIVE DELETED] up like Emmett Till. Yeah --

Two cell phones ringing at the same time. That's your ho calling from two different phones. Tell that bitch "leave me [EXPLETIVE DELETED] alone. See you [EXPLETIVE DELETED] her long --

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O'REILLY: Now after hearing that piece of garbage, Mountain Dew pulled a multimillion dollar endorsement deal the company had with Lil Wayne... Presto. Guess who intervenes? Does the name Al Sharpton ring a bell?

His National Action Network held a meeting with Mountain Dew and the family of Emmett Till who were outraged by that stupid rap. And by the way, if you want to know what happened to Emmett. Read "Killing Kennedy," we vividly examined why he was murdered.

Anyway in a statement Sharpton said, quote, "National Action Network" doesn't want the end result to be the penalization of artists, although they clearly need to be corrected," unquote.

Well, that's kind of holistic, isn't it?

And here is a shocker. The parent company of Lil Wayne, Cash Money Content, which markets vile stuff that hurts children, is a partner in distributing Sharpton's upcoming book. That's right. Al Sharpton is in business with people who put out entertainment harmful to children. Sharpton spokesperson says it's not Al who made that deal, it's Massenburg media his publisher. That's bogus every author and I am one has control over who he or she does business with. The fact is Al Sharpton is allowing a company that harms black children to distribute his book.

"Talking Points" will make this point again. The civil rights industry is not addressing the core reason why many African-Americans are not succeeding in the marketplace. Because of that, young blacks continue to be at risk and have enormous obstacles to overcome.

And that's "The Memo."

— You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.