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Last week we witnessed a spirited and revealing debate between two of our presidential candidates. While there were many interesting and comment-worthy points and issues discussed, I was struck by one in particular, made by Sen. John McCain.
When pressed by the moderator to specifically outline what the U.S. government would have to do under his charge in changing its practices in order to accommodate a proposed $700,000,000 bailout of the failed financial industry, McCain suggested that the government adopt a spending freeze. A spending freeze? Well, not quite.
Of course, it would not freeze those programs dearest to McCain: the military, veterans benefits and other entitlement programs.
Imagine the consequences of an actual government spending freeze. It would be stunning – like a stun gun applied to the economy. It would be thrown in utter chaos the likes of which have not been seen. And, to bring it to a local scale, Los Alamos National Laboratory would be shut down. Not a velvet gloved “shutdown” where everyone still receives pay, but a real shutdown, as in go home and take an unpaid leave until we have made up for the $7B bailout.
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