Blackstone CEO Says “U.S. Isn’t Prepared for 4 More Years of Joe Biden”

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Stephen Schwarzman, CEO of Blackstone, expressed serious concerns about the future of the U.S. economy should President Joe Biden win another term in the White House. In an interview with Bloomberg in Davos, Switzerland, Schwarzman cited the current $2 trillion deficit, increasing debt-to-GDP ratio, and open borders policy as economic threats. He questioned whether the nation could endure another four years of these economic conditions. “I don’t know that the country, frankly, is prepared for four more years of that,” Schwarzman said in Davos.

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As of January 31, the U.S. national debt reached $34.1 trillion, surpassing the combined GDP of the world’s next five largest economies: China, Japan, Germany, India, and the United Kingdom. Simultaneously, the U.S. federal budget deficit stood at $1.75 trillion. The country’s debt-to-GDP ratio sits at around 122 percent. Schwarzman commented that the U.S. should aim to “get our financial house in order,” but he did not believe a significant financial crisis was impending.

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