The list of untrue things that Mr. Obama wants Americans to believe is evidently so long that Mr. Obama associated himself with Republicans, albeit mostly dead Republicans like Lincoln and Eisenhower. For the first time we can recall, Mr. Obama even praised George W. Bush, of all people, because his predecessor created a new entitlement for prescription drugs. He also said Newt Gingrich showed how smart he was when he called Mr. Ryan’s budget “radical” and “right-wing social engineering” last year.

All of this is a political fable carefully constructed to erase the record of the last three years and blame every current anxiety on a GOP House that has been in office for all of 14 months. The President claims to have “eliminated dozens of programs that weren’t working,” but the savings from these eliminations amount to less than 0.1% of the budget, or less than $100 million.

Meanwhile, the budget has grown by more than 20% since he has been President. After deficits of $1.412 trillion, $1.293 trillion, and $1.299 trillion over the last three years, and an estimated $1.326 trillion due for 2012, he still claims the deficits are all Mr. Bush’s fault—except for the extra spending on Medicare, which he likes.