“Dissociative identity disorder (previously known as multiple personality disorder) is a severe form of dissociation, a mental process, which produces a lack of connection in a person’s thoughts, memories, feelings, actions, or sense of identity.”
Exhibit A: Whenever the Left or Right wing of the political class is out of power they sound fiscally responsible. In power, they tax, spend, and inflate like madmen.
Exhibit B: Economists who cook up hair-brained theories to justify economically destructive policies can be just as guilty.
Student Benjamin Lee recently posted an article on Mises Daily about Nobel Prize winning economist Paul Krugman’s “identity crisis.” Seems Krugman was critical of the Bush/Greenspan policies of running up deficits, printing money, and ignoring entitlement time bombs back in a 2003 article titled, “A Fiscal Train Wreck.” Writes Lee:
If Paul Krugman was worried about a $3 trillion budget deficit and a debt-to-GDP ratio of 4 percent six years ago, a $9 trillion budget deficit and a debt-to-GDP ratio of 40 percent today should have him preparing for financial Armageddon. (My note: Lee likely meant “deficit-to-GDP,” “debt-to-GDP.”)
The Paul Krugman of 2009 completely disagrees with the Paul Krugman of 2003.
The key message is that in 2003, Mr. Krugman wrote a great article with an incredibly accurate picture of the financial health of the United States at the time. There is no question that George W. Bush was the worst president we ever had. There is also no question that Alan Greenspan was the worst Federal Reserve Chairman we ever had.
The problem is that everything Mr. Krugman now writes entirely contradicts his 2003 article, despite the fact that every fundamental problem the economy faced six years ago is now much worse. Mr. Krugman has no issues with Barack Obama and Ben Bernanke committing the same atrocities the previous administration committed. President Obama has ramped up every budget, including the military budget, while Bernanke runs the presses faster than Greenspan ever did.
My comment: So much for Obama’s “change.” We should keep Dissociative Identity Disorder in mind next time there is a change in power, likely 2012. The Right is just as susceptible to this disease as the Left, if not more so.