CTGUNTALK.COM

All voters need to do is suspend disbelief for another nine months. And ignore the first four years.

The real news in Mr. Obama's budget proposal is the story of those four years, and what a tale they tell.

• Four years of spending of more than 24% of GDP, the four highest spending years since 1946. In the current fiscal year of 2012, despite talk of austerity, Mr. Obama predicts spending will increase by $193 billion to $3.8 trillion, or 24.3% of GDP. The top chart shows the unprecedented four-year blowout.

• Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.

Tax rates will rise as follows: capital gains to 30% from 15% today; dividends to 30% from 15%; the estate tax to 45% from 35%, and don't forget the end to the temporary payroll tax cut that Mr. Obama is making such an issue of now. He only wants it to last for another 10 months.

Despite its tax increases, the White House still predicts that the annual budget deficit will be $901 billion in 2013 and never fall below $575 billion in any of the next 10 years. Democrats denounced George W. Bush for allowing so much red ink, but his deficits averaged only 3.5% of GDP if you don't count 2001 but do include the 10.1% of 2009. Mr. Obama's deficits have averaged 9.1% of GDP if you count 2009, as you should because his $800 billion stimulus passed that February.