Austerity and feeling old

(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: lawrence@krubner.com, or follow me on Twitter.

I recall that when I turned 28 years old, I felt old. My youth was behind me. It was time to become an adult. I had responsibilities now, I needed to be serious, play time was over, I had to grow up. I felt depressed and a little directionless, full of ambitions I had no idea how to fulfill. I was disappointed with my career so far. I felt like my options were beginning to narrow.

At that time, some of my wiser friends said that there was no underlying reality to what I was feeling, that instead it was only real in my mind. They said some people were still youthful at age 60. But I felt very old at that time.

Now that I am older, I can see that the depression I felt then was a self-imposed sadness. I did not need to feel that way. Although the biology of aging is a hard reality, the interpretation that I put on it was completely wrong: I had a universe of options in front of me, and I continue to do so.

Paul Krugman has been wondering why so many Serious People now believe that austerity is the only economic policy that nations can pursue.

The craving for austerity reminds me of that depression I felt upon turning 28. It is self-imposed, and it exists mostly in our mind. That sense of lost options is entirely without basis in reality. The sense of self-pity offers no guide as to how to make things better, but rather, massive investments made with a confident sense of the future would be entirely wise at the current moment. The craving for austerity is best thought of as a mental illness, much like depression. Unlike depression, austerity entails over indulgence of the affluent (in particular, deference to the banks and financial powers). Or maybe that is also similar — I recall very much criticizing myself for my career failures, and comparing myself to my more successful peers — perhaps both illnesses involve a conformist over-identification with the successful.

Post external references

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    http://krugman.blogs.nytimes.com/2013/04/08/the-intellectual-contradictions-of-sado-monetarism/
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