‘No end in sight’: Blackstone boss worries another term for President Biden would be 'four more years' of debt misery — as former President Trump pulls ahead in polls, are his fears founded?

“We’ve now got $2 trillion deficits with no end in sight. We’ve got our debt-to-GDP [ratio] going up. We’ve got open borders with 8 million people coming over,” the billionaire businessman — and Republican mega donor — told Bloomberg.

“I don’t know that the country, frankly, is prepared for four more years of that.”

The country, however, may not need to prepare for Schwarzman’s apparent worst-case scenario. While the election is still months away, early polls suggest former President Donald Trump has a sizeable 11-point lead over Biden — specifically when it comes to the matter of handling the economy, according to the Financial Times. Around 42% of respondents in the Financial Times poll believe Trump would be the best choice to lead for the economy going forward, compared to just 31% who chose Biden. The remaining 27% were undecided or pulling for another candidate.

Here’s what’s got Schwarzman alarmed and how it could impact you — whichever candidate you’re rooting for.

Problems building for years

On the surface, things don’t look good. U.S. national debt soared to $34.2 trillion by Feb. 14, according to the real-time U.S. Debt Clock.

That total is more than the combined GDP of the top five global economies after the U.S. — China ($17.9 trillion), Japan ($4.2 trillion), Germany ($4.0 trillion), India ($3.4 trillion) and the United Kingdom ($3.0 trillion) — according to World Bank data.

As of Jan. 31, the U.S. federal budget deficit — the difference between government spending and revenue — was at $1.75 trillion. And the U.S. debt-to-GDP ratio — the ratio between a country's government debt and its GDP — is currently at 123%, according to the World Economics GDP Database.

“It would be good if we could get our financial house in order,” Schwarzman stated — but he doesn’t think the U.S. is headed for a “big financial problem.”

“Usually financial crises come when you don’t expect them and they come quickly,” the 76-year-old private equity boss pointed out.

The current problems in the U.S. have been building for years and they seem to be on a slow and steady path to recovery — unless, of course, another macro event throws things off course.

‘Optimistic for 2024’

Despite seemingly dissing so-called Bidenomics and raising alarm bells over what could happen to the U.S. economy, Schwarzman also claimed to be “optimistic” for 2024.

He told Bloomberg the economy has slowed — “that’s normal with high interest rates” — but he expects rates to come down in the second half of the year.

“We will get the [rate] cuts,” he said, with absolute certainty.