'No way forward for US economy'

The United States economy has "no way forward" unless the administration addresses the root causes of the current economic crisis which includes extensive "military expenditures", said Rodney Shakespeare, professor of binary economics.

"There is no way forward unless the United States addresses the causes of the problems and starts by cutting its military expenditure. And secondly it must stop exporting jobs and it must address the problems of Main Street America," Shakespeare told Press TV's U.S. Desk Friday.

He said recent warnings by rating firms over the U.S. debt crisis are "serious" as the debt has reached "unrepayable levels." "Debt cannot be repaid and won't be repaid", he added.

Leading rating firms have warned that the U.S. triple-A credit rating could be jeopardized if the government does not reverse the upwards trend of debt rations.