What's gotten into Alan Greenspan? Until recently, he
was in clear agreement with the Democrats about how to deal with the
federal budget surplus: Oppose tax cuts and use the surplus to pay off
the national debt. But on January 25--five days after the inauguration
of George W. Bush--Greenspan abandoned that position and endorsed Bush's
mammoth tax cut. The explanation he gave for his reversal was patently
phony: He said he had just realized that future surpluses would be even
larger than anticipated. Without a tax cut, Greenspan now says,
surpluses will add up to more than the national debt. This means that
the government might at some point in the future have to invest the
