Can somebody help me identify how to recreate this effect?

[mits5k]

I really love the effect on the letters on the left of the text here being broken out into the color spectrum and spread from an axis point. Can anybody identify a shortcut that might be used to accomplish this, or do I just need to create a bunch of layers, color them differently, and stack them? I'm pretty novice with Photoshop, but would really appreciate some guidance on recreating this effect! Thank you in advance!

[WILDCAT54 · Accepted solution]

This effect looks to be a pretty simple manual process.

I was able to recreate the effect in just a few minutes by duplicating my text four times for each color represented.

I then took each layer and converted it to a smart object and then changed the perspective of each layer ( CTRL + T > Right Click > Perspective)

[mits5k]

I wish I could mark both of these answers as correct because combining the two effects is perfect. Thank you!

[Barbara Ash]

You may need to fiddle with the positioning a bit, but this should get you very close.

1. Type the text. It should have a white fill color.
2. Type > Rasterize Type Layer.
3. Image > Mode > CMYK (if the image is not already CMYK)
4. In the Channels panel, target only the Cyan channel.
5. Make a selection around the text, and move the text down a bit.
6. 
7. Repeat for the Magenta and Yellow channels. Move each channel either in a different direction or by a different amount.
8. Click the composite CMYK channel to see the results. I've exaggerated it below.
9. 

If you want to be able to see the effect as you're working, you can make all channels visible. Just make sure that only one channel is targeted at a time while you are moving the pixels.