There’s a whispering campaign in DC against Alan Greenspan, according to conservative columnist Robert Novak, because of Greenspan’s tepid endorsement of the President’s tax cuts.

The current issue of Forbes provides a recap of the drama. Democrat Senator Chuck Schumer criticizes the Republicans and sticks up for Greenspan.

Odd, because Greenspan’s reservations about the tax cut is that the President isn’t also seeking spending cuts. Greenspan’s point is that if you keep spending, while taking in less revenue, you’re just going to have to raise taxes later, coming back to haunt the economy at some future point.

There’s little reason for Bush to take on Greenspan. The decision whether to re-appoint will come in 2004, when Bush is up for re-election. Karl Rove will see a public spat with the Fed Chairman as politically risky, because the markets won’t like it — and he isn’t apt to take that chance during an election year. And Greenspan is off the Federal Reserve in 2006, in any case.

Of course, Mr. Andrea Mitchell is no spring chicken either — and might just retire of his own accord.