The parents ought to be pissed off enough to take care of it.

Uh, nope, that's not how this works. When you cause an accident, you take full responsibility. Anything less is unacceptable. Had the kid stopped, it wouldn't have been a big deal-- insurance rates would have gone up, but that's pretty much it (aside from whatever other illegal shit he was doing that caused him to flee).

Driving is not a right. It's a privilege. And a huge responsibility. People with such an extremely reckless disregard for the value of another life need to be punished.