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The first instance of this meme I saw was considerably earlier, with Obama gallivanting through a fantasy disney woodland on Unicorn-back in a JibJab video.
Certainly I've seen some conservative sites refering to 'The Unicorn Rider' ever since...
Obama + unicorn can't hold a candle to Robocop on a unicorn (google it).
I've seen the phrase used on right leaning and libertarian blogs, but not on the left. Not surprising, since I don't read nearly as much on the left. Usually the context is to mock the idea of a free lunch from government. I'm curious, in what context is the expression used on the left?
I've always thought of "... and a pony" as being a political.
5 will get you 10 the first mainstream pop reference originates somewhere in the Buffyverse.
Tony:
A ridiculously detailed Calvin and Hobbes search site indicates that it's at least as old as January 1987.
Anon,
The context is something like "John McCain says he'll balance the budget in four years, find Bin Laden, magically fix the economy, and give every American a pony." There are a lot of unrealistic promises on both sides.
The unicorns are there to help with his outreach to pre-teens. (No, really, McArdle's choice is trying to turn kids 12 and under into fans. Then, he wants them to convince their parents to vote for him. And, it's all right on his site. Apparently Jane Galt is part of the Libertarians for Young Pioneers program or something.)
I'm sure the phrase is older, but Belle Waring was the person who popularized it in the left-blogosphere, in this post:
http://examinedlife.typepad.com/johnbelle/2004/03/if_wishes_were_.html
Her idea was to use it to mock libertarians, but of course it works to mock anyone who is making an argument based on unrealistic assumptions.
The right doesn't believe in unicorns. But a lot of the poor ignorant stupes believe that dinosaurs were riding animals.
My experience is that bloggers of all persuasions tend to use "and the horse you rode in on!", often disguised in other forms.