BOSTON ( TheStreet) -- On March 28, after a week that saw the Dow Jones Industrial Average jump 3%, money manager Jeffrey Sica predicted that the borrowing and spending by the U.S. would prompt a downgrade of U.S. debt. Four months later, it appears that gloomy prediction will come true.Sica, who is president and chief investment officer of Morristown, N.J.-based Sica Wealth Management, a firm with about $1 billion in assets under management, says Standard & Poor's has to make good on the threat to downgrade U.S. debt or lose credibility forever.
S&P Downgrade of U.S. Debt Would Be 'Right Thing'
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.