The U.S. Government Is Actually at Least $70 Trillion in Debt.
A false ideology has driven the U.S. Government to systematically under-report its net indebtedness in order to be able to continue its defrauding the individuals and entities that trust it to repay its existing financial obligations.
The core of libertarianism (neoliberalism, as it’s called in Europe) is (as will be documented in the links here) the false and even insane idea that privatization is better than socialization; but the empirical truth is that in many instances, socialization is far better than privatization (and libertarians-neoliberals cannot accept that fact, because it would destroy their con).
Privatization is the selling of governmental (publicly owned and controlled) assets to private investors. Socialization is the buying of assets, from private individuals, by the government.
Norway presents an excellent case-example of this falsity, even insanity, of (America’s ideology) libertarianism-neoliberalism, which ideology doesn’t drive Norway’s Government.
Here is a video that explains this fact (the vast economic harm that is produced by libertarianism-neoliberalism) in regard to Norway’s having socialized (instead of sold off to investors) its oil assets — and this prominent example (of the enormous benefits that Norwegians derive from that socialization of their oil-wealth) is devastating to libertarianism-neoliberalism:
Here is its transcript, which describes the history of Norway’s state-owned oil company, Equinor (formerly called “Statoil”):
Norway discovered oil in the North Sea in 1969. Most countries would blow it on corruption, debt, and short-term wins. Norway did the opposite. It turned oil into long-term national wealth. Here’s how it became one of the richest countries on Earth.
In the 1960s, Norway was a quiet, modest, country. Known for fishing, farming, and shipping, its economy was steady, but not wealthy. There was no sign it would one day lead the world in wealth per person.
Then in 1969, oil was discovered in the North Sea. Suddenly, Norway had access to massive natural wealth. It was a turning point, one that could’ve gone very wrong.
Many countries that discover oil fall into what’s called the “resource curse.” They overspend. Corruption spreads. Other industries collapse. Oil becomes a blessing, then a trap. [THAT’S THE LIBERTARIAN WAY — PRIVATIZATION.]
But Norway didn’t let that happen. Instead of handing the oil to private companies, it took control. [IT SOCIALIZED THAT ASSET.]
The Government created a national oil company, Statoil, to manage resources for the people.
Norway also made sure oil profits didn’t distort the economy.
It saved most of the money, and refused to spend it all at once [on privatization’s institutionalization of corruptness].
The goal wasn’t fast growth. It was long-term strength [for the public].
In 1990, Norway launched the Government Pension Fund Global. Also known as the Oil Fund. It was designed to turn oil profits into steady income for future generations.
The plan was simple: Invest the oil money in global stocks, bonds, and real estate. Never touch the core savings, only spend a small part of the returns.
That discipline paid off. Today, the fund is worth more than 1.6 trillion dollars. It’s the largest sovereign wealth fund in the world. [AS-OF NOW — July 2025 — IT IS WORTH AROUND $1.7T.]
The fund owns shares in over 9,000 companies across the globe. It holds stakes in Apple, Amazon, Nestle, Microsoft, and more. Norway earns money every time those companies grow.
And the Government can use only a small part of the returns each year, around 3 percent. That rule protects the fund from political misuse and reckless spending.
Transparency is key. Every Norwegian can look up exactly where the money is invested. This builds public trust and prevents corruption [such as controls countries like America].
The oil will run out one day. But the wealth won’t. Norway turned a temporary resource into a permanent financial engine.
It used oil not to get rich fast, but to stay rich for generations. With world-class healthcare, education, and low poverty, Norway shows what’s possible with smart [and honestly NOT psychopathic like America is] policy and long-term [NOT “me me me, now now now”] thinking.
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America’s public debt (including not only the official amount of $36,655,280,579,113.61 but also Fannie Mae, Freddie Mac, Medicare,
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
