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Morici: Economy Is Not Fixed, Another Crisis Is Brewing

Economists across the spectrum propose reasonable solutions to the problems of Chinese and Japanese currency manipulation that swell U.S. store shelves and car showrooms with artificially-cheap, subsidized goods and steal jobs from American workers.

Printing lots of money and dolling out Medicaid and health insurance subsidies to families earning up to $100,000 a year, funneling money to states to hire more unionized workers to reliably vote Democrat and standing idle while the IRS terrorizes conservatives who criticize the president's policies won't fix what's broke.

The combination is a prescription for the decline, distain and despair that gave Europe fascism in the 1930s, and if the Democrats beat down the middle class enough, don't think it can't happen here.

American democracy has always stood on a foundation of individual initiative, personal responsibility, and prosperity. Those are going away as Barack Obama changes America.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.
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