As the Christmas season swells with Joy to the World, it's nice to remember that just over a year ago, Treasury Secretary Henry Paulson stunned the civilized world when he screamed that the U.S. economy was on the brink of a collapse that would make the Great Depression look like a walk in the park.

Paulson then announced the only way to save us from disaster was to cough up $700 billion and give it to banks to help them cover losses they incurred making home loans to people who couldn't make the mortgage payments.

The panic was palpable. Senator John McCain put his presidential campaign on hold and raced to Washington, so he could wring his hands in front of more cameras. Mc- Cain said we needed to act fast or be doomed.

McCain's presidential opponent, Senator Barack Obama, had someone give him directions to the Senate, so he could deliver an impassioned speech about the urgent need to approve the expenditure as fast as possible.

As so it was that TARP, Trouble Asset Relief Program, was birthed, and Christmas was saved by Congress.

It was only after the New Year that someone bothered to ask Paulson how he arrived at the $700 billion figure that was never questioned before it was approved.

Paulson said, "Uh, it sounded pretty cool to me."

Translation: "I have no idea, but it sure is a lot of money."

Foreclosures are still painfully high, and banks still aren't lending enough, but every member of Congress now swears the TARP program saved America from becoming a financial Bangladesh.

There's just one problem. The economy may be "saved," but barely half the TARP money has been spent. It was recently announced that after the banks have paid back some funds, over $250 billion in TARP funds will remain.

Most people think that's good news. Because most people who earn paychecks and pay bills think if we don't spend the $250 billion it will be returned to the treasury to cut the current deficit and reduce future debt.

But politicians don't see it that way. They think the money not spent on TARP should be spent elsewhere to make sure the grandkids will be choking on debt forever.

This time, they want to use the money to create jobs. But this shouldn't be necessary, should it? Shortly after Obama became president he and the Democrats rammed through a $780 billion "stimulus" package that was designed to create more jobs than we could fill and guarantee unemployment didn't rise above 8 percent.

Even Obama admits that plan hasn't worked so well. Mostly because most of the "stimulus" money didn't go to create jobs. It was used to buy the votes to pass the bill.

Obama's advisors know they can't pass another "stimulus" bill, so they vow they will spend the TARP leftovers to help unemployment. Cross their hearts and hope to die.

What a load. Taxpayers know this proposal is just another scam to help politicians and their pals get even fatter on the taxpayer dime.

Consider...

The last "stimulus" package, in addition to paying $6 million to Hillary Clinton's campaign pollster, included half a million bucks to study the social life of ant colonies. Another $390,00 went to the State University of New York to study young adults who drink malt liquor and smoke marijuana.

And you'll be thrilled to know the government is even now wasting $290,00 to learn if female college girls are more likely to "hook up" after drinking booze.

If you're sick of such waste, say so. Call, fax, e-mail or write your congressperson and tell them to stop. If they don't, vote them out in 2010. That's one political move that won't cost taxpaying voters a dime.