In his Talking Points Memo tonight, Bill O'Reilly reacted to shocking new reports that reveal the American economy is a mess.

He pointed out that the Social Security Administration reported that 51 percent of wage earners in the U.S. made less than $30,000 in 2014, a number that doesn't take into account that nearly 40 percent of Americans eligible to work are not.

O'Reilly added that the median income, approximately $54,000, is three percent lower than it was when Barack Obama was elected president in 2008.

"On the president's watch, median household income has declined by about $1,600 dollars," O'Reilly said.

He blamed the poor state of the economy on the private sector not creating enough good jobs and the fact that ObamaCare hit small businesses so hard.

"Premiums will rise about seven percent next year, and 80 percent of those enrolled in the ObamaCare system are being subsidized by the taxpayers," O'Reilly said. "It's clear the social welfare state is not benefiting working Americans ... who remain under tremendous downward earning pressure."

He likened it to the poor economy during Jimmy Carter's presidency, which rebounded when Ronald Reagan took office and cut taxes, especially on business.

"The Factor" host said that if you are a poor person and you are physically healthy, you must be self-reliant and not depend on the government.

"If you are not making much money and you just sit there hoping that a political party will improve your life, you are a fool," O'Reilly stated. "America is a competitive marketplace. If the next president does not cut business taxes, the economy will get worse."

Watch the full Talking Points Memo above.

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