A strict wage/price freeze might delay things during economic surgery for a little while, but basically we’ve got a dead parrot and nailing its feet to the perch will be a tough and painful job, if not useless. Denninger has been blowing this horn for quite some time now. I tend to believe him, especially when he talks about prison terms for the guilty.
I can't imagine anything more incendiary than a government mandated freeze on private wages and prices.
One immediate consequence of a true "freeze" would be that the one trillion dollar deficit would be made permanent, assuming that a tax rate freeze was included.