'Endless war policy ruined US economy'

Islam Times reports from "The causes of this crisis are endless wars [and] Social Security and Medicare programs that are totally unsustainable," Professor Paul Sheldon Foote said.

"We burn massive amounts of resources invading countries all over the world," he noted.

Foote says immediately ending the wars and bringing US troops home from the battlefields would help to improve the situation.

The US House of Representatives recently approved a $649 billion military spending bill, increasing the Pentagon budget while the country is facing austerity measures and a huge debt crisis.

The measure, which was about $8 billion less than what President Barack Obama had sought, would provide $530 billion for the Pentagon's primary budget and $119 to cover the cost of the wars in Iraq and Afghanistan.

Although the United States is currently facing a debt crisis, Foote claims that the country will not default.

"Any party that defaults would be out of political office forever. It would be political suicide for them," he stated.

They would avoid paying other payments in order to manage paying up the debt and not defaulting, he added.

The US officially hit its $14.3 trillion debt ceiling on May 16, up from $10.6 trillion when Obama took office in 2009.