On Sunday, Defense News published a good article by Kate Brannen that looks into Mitt Romney’s plans for military spending. This is not the first examination of Romney’s lofty campaign promise to spend at least four percent of GDP on the Pentagon’s base budget. Since October 2011, when I first crunched the numbers on his plan, others have followed with their own estimates.

In my first analysis, his plan totaled $2.046 trillion above projected defense budgets based on CBO totals from FY 2012 to FY 2021. That total does not include war costs, nor does it take into account the possibility of military action toward Iran, which Romney has made clear is on the table, with or without Congressional approval. My number one question at the time—beyond the fact that GDP is not the proper guide for military spending—was: Where is this money going to come from?

In April, I recalculated Romney’s gimmick, adjusting my numbers with the help of my colleague Charles Zakaib, based on the Obama administration’s latest 10-year projections. We presented the data in the graph below:

The conclusion: Romney’s four percent gimmick would now necessitate $2.58 trillion in additional military spending above the new baseline. I tried to put this in context:

Romney’s Four Percent Gimmick would result in taxpayers spending more than twice as much on the Pentagon as in 2000 (111 percent higher, to be precise), and 45 percent more than in 1985, the height of the Reagan buildup. Over the next ten years, Romney’s annual spending (in constant dollars) for the Pentagon would average 64 percent higher than annual post-Cold War budgets (1990-2012), and 42 percent more than the average during the Reagan era (1981-1989).

Does Romney genuinely believe we have enemies that approach the Soviet Union’s might, let alone ones that are 42 percent more threatening? We would be wise to question his judgment if so.

Back in the realm of the reality, further cuts to military spending are fast approaching as sequestration looms. The debate in Washington is now largely focused on how much to cut from the defense budget and in what manner. This is consistent with what the majority of Americans favor and has sidelined those arguing for ever-greater military spending. And yet Mitt Romney remains committed to his Four Percent idea. In this instance, Romney should embrace his supposed conservatism and leave the spendthrift gimmicks to the opposition.

Much more in the podcast below: