Here we see a classic logical fallacy: begging the question. Bill can "beg the question" (assume a premise is true without presenting verification of same) with the best of them. Some governments in Europe have a more developed social welfare state, ergo, it must be true that all economic problems are caused by domestic spending on health services,education and pensions. Richard Wolfe goes a way in setting that straight by pointing out that very solvent nations have the same benefits and are doing quite well. Even Ireland (one of Bill's dreaded "nanny states") is recently out of major debt problems, and although it had to pare down its public sector, it did stop abandon services.
O'Reilly is listed as having graduated from the Kennedy School of Government at Harvard but I doubt he would have made it past my Logic or Economics professors at community college with his "begging the question" tactics or for promoting a single-cause explanation for major events (the reasons various nations in Europe fell on hard times in 2008-9.)
If O'Reilly thinks the US economy is just Greece or Portugal writ large, he should check out how well the stock market and corporate profits have been doing lately, and also note how much of the gains have gone to the small dividend-grabbing crowd at the top at the expense of those average taxpayer guys and ladies of the middle and working class who paid off the debts of the major investment banks like AIG and Goldman Sachs or have been downsized into near or total poverty and are still waiting for all the good things to trickle down to Main Street. (It's better for Main Street than a year ago, granted, but not by much--such is the legacy of the worst economy since the Great Depression.)
The truth of the matter is that multinational financial capital run amok played as big if not as big a role in the disasters of the USA and Europe, disasters fueled in part by toxic Wall Street securities tied to the housing bubble in the USA. To ignore that equation is to forget there is more than one elephant in the room and it takes many a pachyderm to make a stampede.