Full Faith and Credit

The National Debt, Taxes, Spending, and the Bankrupting of America

Release Date
Format Hardcover 480 pages 6 x 9 inches 20 illustrations in full-color
ISBN-13 978-0-78921-283-2

What is the national debt? Who loses from it? Who profits from it? Why is it a greater threat to America than international terrorism? In direct, non-partisan language, this book follows the money and finds the answers.

Conservative, Liberal, Republican, Democrat, Libertarian, Socialist... Each has a laundry list for America on which the slow-motion cataclysm of unsustainable national debt is but a lonely bullet point among dozens of others. Full Faith and Credit zooms in on that point, liberates it from partisan programs and political orientations, expands it, explores it, and explains it.

The book examines key dimensions of our national life—from a military-industrial complex more menacing than even Eisenhower could have imagined to a Tower of Babel tax code that covertly translates taxes into secret spending. With the aim of converting bystanders into informed advocates of change, Full Faith and Credit is rich with eye-opening data, surprising case studies, and you-can’t-make-this-stuff-up examples:

  • For every official the United States public has elected, its government supports 5,000 unelected employees.
  • $1 billion is the cost to destroy $16 billion in ammunition unneeded by the U.S. military.
  • $20,973,890,000 is the total taxpayer cost to the Treasury of gambling losses deducted by millionaires.

More timely than ever, Full Faith and Credit locates the tipping point of the $18.8 trillion national debt crisis and offers new ideas on how to fix it.


Congress should require everyone – especially all in government - to read this book. History teaches that every country that gets into our situation ends with crises and semi-crises, but perhaps we could head it off if we all listen. I doubt it, but at least you would all know what is coming and could perhaps prepare yourselves so you could survive. — Jim Rogers, author of Street Smarts: Adventures on the Road and in the Markets

In plain English and with colorful anecdotes and aphorisms aplenty, Axelrod leaves no one but George Washington unscathed. Pulitzer-winner Michael Ramirez’s conservative cartoons adorn each chapter, but Axelrod is bipartisan in his criticism, applying scorn to both Theodore and Franklin Roosevelt, and to what he sees as the excesses of all the presidents since Kennedy. — Publishers Weekly

In Full Faith and Credit: The National Debt, Spending, and Bankrupting of America by Abbeville Press, the forthcoming book from historian Alan Axelrod, the focus is turned to America’s impending debt crisis. Axelrod first takes the reader through the history of the American presidency from the Washington to Obama administrations, all through the lens of government spending, tax policies, and how the office of the president and the administrative state have evolved to give us the near-$20 trillion debt that Americans must address at some point. As an added bonus, the book even comes complete with color illustrations by cartoonist Michael Ramirez, making it much easier to read for those of us who don’t spend most of our free time reading about United States fiscal policy. — Consevative Review

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