Cough. Cough.

What Alan Greenspan told us then:

"In today's context, where tax reduction appears required in any event over the next several years to assist in forestalling the accumulation of private assets, starting that process sooner rather than later likely would help smooth the transition to longer-term fiscal balance. And should current economic weakness spread beyond what now appears likely, having a tax cut in place may, in fact, do noticeable good."

Testimony of Alan Greenspan
Before the Committee on the Budget, U.S. Senate
January 25, 2001