By Bill O'Reilly

More bad news on Thursday. More than 400,000 Americans filed for first-time unemployment benefits last week, raising the specter of a double-dip recession.

Also, Moody's and other credit agencies are now actually warning the Obama administration that the nation's $14 trillion-plus debt is not acceptable. If the president and Congress do not address the situation, America's credit rating worldwide will be downgraded.

But even in the face of all of this, President Obama continues to talk up government spending:

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: We could choose not to make investments in clean energy or let tuition prices rise and force more Americans to give up on the American dream. We could choose to walk away from our community college system. I want to make clear: That's not our history. That's not who we are. I don't accept that future for the United States of America.

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"Talking Points" believes the president must stop that stuff right now. If the nation were fiscally solvent, we could invest in speculative energy projects and continue funding folks who don't have very much. But America is broke, and private industry has lost confidence in the president. That means much private expansion has stopped and new jobs are not being created. There is no question about that.

President Obama must wake up and smell the decay. This is not about re-election. This is about the well-being of most Americans. The economy is going south on Mr. Obama's watch, and Congress is not going to raise taxes in this environment. It is not going to happen. So in order to stimulate the private marketplace, the president and Congress must make it easier for industry to profit, and put all the social justice stuff on the shelf for awhile.

Every poll says the same thing. Americans believe Mr. Obama has lost control of the economy. Quinnipiac: Voters disapprove of the president's economic policies 58 to 36. ABC News: 59 percent disapprove of the Obama economic plan, 40 percent approve. Rasmussen: Just 31 percent of likely voters believe the economy will be better a year from now.

Because of that pessimism, folks are not spending as much and banks are not lending. Presto, another recession. Or am I wrong? Let's stop the nonsense.

And that's "The Memo."

Pinheads & Patriots

As you know, the governor of Wisconsin, Scott Walker, has succeeded in cutting back benefits for public union workers. That has caused much bitterness and even litigation. Earlier this week the governor was giving a speech to some Special Olympics children when he was interrupted by zombies.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: What do you want?

UNIDENTIFIED GROUP: Brains!

UNIDENTIFIED FEMALE: When do you want them?

UNIDENTIFIED MALE: (UNINTELLIGIBLE)

UNIDENTIFIED MALE: As Governor Walker was speaking, a line of protesters dressed as zombies walked between him and the Special Olympians he was addressing, blocking their view. As the governor attempted to talk to the Olympians and draw attention to their accomplishments, these protesters were determined to bring attention to themselves.

(END VIDEO CLIP)

Those protesters are pinheads. You don't bring political beefs to a ceremony helping mentally challenged children. That is unacceptable.

On the patriot front, L.A. superstar Kobe Bryant and his wife are trying to help homeless children. The Laker and his wife are promoting Kobe and Vanessa Bryant Family Foundation that will bring direct help to children whose parents cannot or will not provide them homes. A very noble cause. The Bryants are patriots.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" 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.