The last time the United States issued war bonds was during World War II, when full employment collided with rationing, and war bonds were seen as a way to remove money from circulation as well as reduce inflation.
Issued by the U.S. Government, they were first called Defense Bonds. The name was changed to War Bonds after the Japanese attack on Pearl Harbor, December 7, 1941. Known as debt securities for the purpose of financing military operations during war time, the bonds yielded a mere 2.9 percent return after a 10-year maturity.
The United States spent $300 billion on the war against the Axis
(that's $3 Trillion today!)