Bill O'Reilly uses the two wrongs approach to argumentative moves: if they use this tactic, you use it right back on them.
Right now, Democrats are scaring senior citizens into believing their present benefits will be cut if Obama and the Democrats lose. In order to counter that fiction, the GOP must scare right back. If America's debt is not arrested, the country will decline rapidly and in drastic ways.
Too bad the tactics weren't, instead, use clear and honest argument.