The Time Inconsistency Problem

What is the time inconsistency problem?

http://gregmankiw.blogspot.com/2006/04/time-inconsistency.html

Recent Examples:

Republicans grouse about tax models they once supported

https://www.economist.com/blogs/freeexchange/2017/12/dynamic-do-over

Congress' deficit hawks seem to have gone missing in action

http://www.aei.org/publication/congress-deficit-hawks-seem-to-have-gone-missing-in-action/

Republicans are looking for proof their tax cuts will pay for themselves. They won’t find it.

https://www.washingtonpost.com/news/wonk/wp/2017/12/01/republicans-are-looking-for-proof-their-tax-cuts-will-pay-for-themselves-they-wont-find-it/