In tonight’s Talking Points Memo, Bill O’Reilly reacted to President Obama’s proposal to raise taxes on Americans making over $250K per year. The O’Reilly Factor host asserted that President Obama went back to the tax-the-rich mantra in order to “force Romney into defending rich Americans by opposing tax increases on them.”

O’Reilly speculated that the ghost of former President Ronald Reagan may be haunting President Obama. He explained, “Thirty-two years ago, America was also in bad economic times. The incumbent president, Jimmy Carter, had expanded the federal government and lost control of the private sector.”

The challenger, Ronald Reagan, took advantage of that by portraying Carter as incompetent, and he went on to win the election. In Reagan’s inaugural address, he said, “Those who do work are denied a fair return for their labor by a tax system which penalizes successful achievement

and keeps us from maintaining full productivity. But great as our tax burden is, it has not kept pace with public spending.”

O’Reilly noted that Reagan kept his promise by dropping the federal income tax rate for the highest earners from 70 percent to 28 percent.

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Reagan also said during his address, “It is no coincidence that our present troubles parallel and are proportionate to the intervention and intrusion in our lives that result from unnecessary and excessive growth of government.” During his eight years as president, Reagan added about 12,000 government workers. On the contrary, President Obama has seen 130,000 federal employees added in his first three years in office.

Follow this math: “Since June 2009, there have been 2.6 million jobs created, but 3.1 million people have gone on disability,” reported O’Reilly. He said, “American workers are leaving their jobs to get paid by the taxpayers. … That’s a disaster for America. Yet Mr. Obama continues to believe that he can tax his way out of the situation, that raising taxes on the wealthy will somehow stimulate the economy.”

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O’Reilly said it’s all a ruse because taxing those making about $250K or more would generate about $85 billion a year, while according to the Treasury Department, the federal government spends that amount every eight and a half days.

“Talking Points would support federal tax hikes on the wealthy if I thought they would help the folks,” O’Reilly said, continuing, “But there’s absolutely no evidence more revenue to the government would do anything other than allowing President Obama to hire more federal workers. The president is not behind cutting spending, he’s not stimulating the private sector and he doesn’t seem to be worried about America’s massive debt. But the ghost of Ronald Reagan must be worried because this is 1980 all over again.”