Mr. Benjamin Goes to Washington

And when he does, he never, ever comes back.

Before I head out on my Christmas break to visit relatives partake in the usual holiday celebrations, there is one last Christmas present to bring to all of you. We found out earlier this month that President Obama was planning on taking some of the TARP funds which are either left over from the initial allotment or flowing back in from banks repaying the loans for a job stimulus plan. Some of the more pessimistic among us (such as, well… me) initially worried that the TARP money was gone for good and we’d just have to eat the loss. That’s why it was such a pleasant surprise(!) when the recipients began repaying the funds.

So, does anyone remember a time back in October of 2008 when then-Senator Obama promised us that “every penny” of the money would be returned to the taxpayers? No? Apparently, neither does the President. But just to refresh his memory – and yours – you can watch a video of Barack Obama giving that speech over at Hot Air.

What’s the takeaway from this? It’s really not so much a story about the White House (though clearly involved) but about Congress in general. When they snatch up a big chunk of taxpayer dollars, no matter how much they protest that the money will come back to the taxpayer’s coffers and reduce or slow our mounting debt, you can pretty much ignore that. When your Benjamins head to Washington, they never, ever, ever come back. It’s the black hole where all money goes to die.

And on that cheerful note… Merry Christmas!