The U.S. national debt reached its highest-ever level of $39.5 trillion in June, a 37% increase from its pre-pandemic levels, and one top VC is putting the blame squarely on President Donald Trump.
In total, the government now owes the equivalent of $113,000 per person, according to USAFacts, a nonprofit civic initiative cofounded by former Microsoft CEO Steve Ballmer that aggregates and analyzes government data.
These eye-popping numbers are a problem for tech entrepreneur and All-In podcast cohost Jason Calacanis, who called out President Trump for contributing to the problem in a post on X last week.
“President Trump has become the worst-spending President in our history, adding ~$2.2–$2.3 T to the national debt in each of his first two years and in his second term,” Calacanis claimed in his post.
To be sure, data from Congress’s Joint Economic Committee shows the national debt actually increased $2.25 trillion during the first year of President Trump’s second term—a sum that climbed to $3.16 trillion through July. Still, Trump may not have approved all the funding that raised the debt levels, some of which may have been allocated and approved before he took office. During his first term, Trump added $2.2 trillion of debt in his first two years, according to a 2024 report by the nonpartisan Committee for a Responsible Federal Budget.
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