American Theocracy:
The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21stCentury
by Kevin Phillips

This book is mistitled. It's about three, not one, threats to American supremacy: oil, fundamentalism, and debt. The first section on oil looks at how our government is being run by and for oil interests and how we are running out of oil. The second section on fundamentalism isn't quite as scary since the recent elections but there are still causes for concern. After all, those people are still there. The third section is on debt, both national and personal and this is the section with most cause for concern. Phillips raised some of the debt issues in Wealth and Democracy. Here he consolidates and updates his arguments on debt. It's not encouraging. Here is a real review at The New York Review of Books:

The US in Peril?

In Kevin Phillips's view, the Bush energy policy is a prime example of America's failure to confront its most difficult challenges. Phillips, once a member of the Nixon administration, has written a timely book that argues that America is very different from the independent and omnipotent nation portrayed by President Bush and his administration. Dependency on oil is one of three major tendencies that will seriously undermine America's future, he writes, the other two being the influence of radical religion and the growing reliance on debt to support the economy. For Phillips, these constitute "the three major perils to the United States of the twenty-first century," and he offers little hope that the US will avoid the consequences. Since he wrote his widely read The Emerging Republican Majority in 1969, Phillips has published several books lamenting how poorly the Republicans have handled their responsibilities. American Theocracy is his most pessimistic work to date.