Limit America's Runaway Defense Dollars Act of 1988

Limit America's Runaway Defense Dollars Act of 1988 - Makes inapplicable to contracts awarded by the Department of Defense: (1) the Davis-Bacon Act; and (2) all provisions of the Service Contract Act of 1965.

Amends the Strategic and Critical Materials Stock Piling Act to direct the President, no later than 60 days after the enactment of this Act, to prescribe a goal for each material to be stockpiled, and to report such goals to the Senate and House Armed Services Committees. States that such goals shall become effective 45 days after the Committees receive such report. Authorizes the President to reduce such goals by up to 30 percent or to increase such goals. Requires the President to notify the Committees of any revised goal and the reasons therefore. States that such revised goals shall become effective 45 days after the Committees receive such notification. Provides a minimum total quantity of such stockpiled materials.

Establishes the Bipartisan Commission on the Consolidation of Military Bases to: (1) review the military importance of all major military installations; and (2) identify which such installations can be closed or realigned without impairing the security of the United States. Outlines administrative procedures concerning membership, staff, meetings, and powers of the Commission.

Directs the Commission, within 180 days after the enactment of this Act, to submit to the President, the Secretary of Defense, and the Congress a final report on the findings and conclusions of the Commission. Terminates the Commission 30 days after the submission of such report.

Authorizes the Secretary of Defense to take specified action with respect to the implementation of the Commission's recommendations.