During the first Presidential Debate, Jim Lehrer asked the question:

As president, as a result of whatever financial rescue plan comes about and the billion, $700 billion, whatever it is it's going to cost, what are you going to have to give up, in terms of the priorities that you would bring as president of the United States, as a result of having to pay for the financial rescue plan?

Now after a little dancing around the question by both candidates, Mr. Lehrer asked the question again, a bit more pointedly:

What I'm trying to get at is how this is going to affect you not in very specific -- small ways but in major ways and the approach to take as to the presidency.

Here's the exchange:

MCCAIN: How about a spending freeze on everything but defense, veteran affairs and entitlement programs.

LEHRER: Spending freeze?

MCCAIN: I think we ought to seriously consider with the exceptions the caring of veterans national defense and several other vital issues.

LEHRER: Would you go for that?

OBAMA: The problem with a spending freeze is you're using a hatchet where you need a scalpel. There are some programs that are very important that are under funded. I went to increase early childhood education and the notion that we should freeze that when there may be, for example, this Medicare subsidy doesn't make sense.

I was stunned by John McCain's glib off-the-cuff answer to perhaps the most serious domestic challenge to confront the next President.  How will the next President accomplish all his lofty goals with a budget that is so deeply in the hole? 

Let's be clear.  The United States is no more capable of surviving with zero domestic spending as it is with nonstop reckless spending.  Without spending on infrastructure, education, health care, energy, science, etc., we would cease to exist as a first world nation -- let alone a major world power -- in short order.  What do we even need a President for if there is an across-the-board spending freeze?  What do we even need government for?  Just pack up Washington, instruct the American people to address their April tax payments to China, and avoid the middle man.

It is telling that the only exceptions to a global spending freeze that John McCain could think of off the top of his head were defense, veterans affairs, and entitlement programs.  It's no feat of bravery for a Republican to exempt military spending from fiscal pruning, especially while two major military conflicts are ongoing and costing $10 billion each month.  Never mind that military spending is the single largest contributor to the budget deficit.

It is ironic that McCain, despite his oft professed "love" for the veteran, would exempt VA spending from the budget axe once installed as President, since his record is a nearly perfect one of voting against veterans affairs as a Senator: 

http://www.nydailynews.com/opinions/2008/09/26/2008-09-26_john_mccains_no_friend_to_veterans.html?print=1&page=all

As for a freeze of entitlement program spending, well let's just say that at least John McCain still has the presence of mind to exclude Social Security and Medicare from his spending hit-list.  Otherwise, his campaign could have closed up shop right then and there.

The fact is that any plan to rescue our economy -- whether you call it a bailout or not -- that will lead us from the brink of ruin back to a position of fiscal strength, has to not only address the short term viability of financial institutions central to our economy, but also the long term productivity of this country. Without a concurrent investment in our future, we will never have a hope to pay off the checks we are about to write today. 

McCain's flippant and throw-away suggestion of an across-the-board spending freeze will grind this country to a halt almost as quickly as an overnight collapse of the credit market, and make growing our way to future prosperity impossible.  Now from McCain's very own website, he lays out his plan to balance the budget by 2013.  Step one:  Growth

  • Growth is an imperative - historically the greatest success in reducing deficits (late 1980s; late 1990s) took place in the context of economic growth.
You can't grow when you are not investing in yourself, and a spending freeze on everything but defense will only grow the military.  Once again, John McCain's economic views are quite simply inconsistent and contradictory; basically an incoherent collection of slogans, sound bites, and platitudes.  We are in trouble if this man is chosen to lead us through the economic wilderness and to the promised land of fiscal stability.

We have watched the McCain campaign leap from one attention-getting act of desperation to another in the pursuit of an enduring winning strategy.  I wonder.  Will this Spending Freeze become the next chant of the GOP, to replace DRILL BABY DRILL as tomorrow's most insipid slogan?  Is this the latest high-stakes Hail Mary pass from the McCain camp turned into ill-conceived public policy?