On Friday, following news that the federal debt has exploded under President Donald Trump, a leading venture capitalist took to social media to decry two “blunders” he says will “scar the nation for years if not decades.”
Read more Trump called out for ‘bizarre’ attempt to hack the 14th Amendment
“President Trump’s two terms will add ~$16.8T — OR 37 percent of the ~$45T TOTAL DEBT projected when he leaves office,” posted renowned entrepreneur and investor Jason Calacanis. “Essentially, the same debt as eight administrations before him (Regan, Bush, Clinton, Bush, Obama). We should criticize the chief executive for their mistakes — although many of you here won’t, can’t and let yourselves be censored!”
He was responding to a post from Charlie Bilello of the wealth management company Creative Planning, who noted that the national debt had increased by a whopping $550 billion since July 1st alone. He also shared a Trump quote from 2025, in which the president claimed, “We’re going to pay down debt.”
Calacanis declared that the “47th administration has made two huge blunders that will scar the nation for years if not decades: the debt and an avoidable, never ending war in the Middle East. And y’all said he wouldn’t and are too captured to even admit it! Whoever takes over in 2028 is mega-screwed — our interest will [be] $1.2T on the debt.”
Read more Jared and Ivanka subpoenaed by opposition in Trump’s lawsuit
This criticism comes following news that the national debt has skyrocketed in recent months. Earlier in the week, for example, government data revealed that the budget deficit had surged to its highest level since 2021. The news prompted even longtime MAGA allies to admit there is a “big problem.”
The second “blunder” Calacanis mentioned – the spiraling war with Iran – comes as Tehran asserts that it will no longer negotiate, with one official declaring, “Trump will not reach an agreement with us. We will accompany him until his term ends.” As of Friday, Iran was still asserting control over the Strait of Hormuz, and for his part, Trump appears to increasingly be doing little to nothing at all. The spiraling price tag for the war – which was $37.5 billion as of late July, with the Trump administration requesting a further $70 billion – has contributed to the national debt, while the closure of Hormuz has caused wide-ranging economic calamity.
On Friday, for example, it was also revealed that in July, U.S. consumer retail sales saw their first decline in nine months. According to Reuters, this suggests “that consumer spending was slowing down,” “prompting economists to slash their economic growth estimates for the third quarter.” This report follows new data showing unexpected job losses and higher-than-forecasted inflation.
Read more ‘Your binder is empty’: Trump official ridiculed over ‘unsettling’ video
