The fiscal crisis has continued in the U.S.A. with economist Peter Morici insisting a large part of the blame is due to the Democrats behaving like adolescents. MoneyNews reported on a commentary by Peter Morici on Oct. 14, 2013, "Democrats Behave Like Teenagers Reneging on Sequester Cuts." Voters are likely to blame House Republicans if congressional negotiators fail to raise the debt ceiling and reopen the government soon, and yet Morici feels it's the president and fellow Democrats who are behaving like teenagers by wanting to spend irresponsibly.
Studies by the non-partisan Congressional Budget Office and Medicare and Medicaid actuaries have indicated if Washington continues spending and borrowing at levels which current law requires, then all Americans will be paying higher taxes and more on private health care. Furthermore, budget deficits and the national debt will increase to unbearable levels.
The Street has reported, "Morici: Spendthrift Democrats Reneging on Sequester Cuts." A further unraveling of continued high spending will dramatically slow economic growth as unemployment becomes unbearable with working Americans becoming much poorer. Morici goes on to predict in the end the U.S. government will default on its bonds and obligations to the elderly, and therefore many Americans will be deprived of decent health care. This all sounds frighteningly credible, for after all Morici has a track record of being an awfully astute economist.