Blackstone CEO doesn’t think the US can handle another term under President Biden — or what he calls ‘four more years’ of debt misery. But is it really that bad?

Blackstone boss Stephen Schwarzman has his doubts about the future of the U.S. economy if President Joe Biden wins re-election in November.

“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, when asked about what he thinks would happen to the economy over a second Biden term.

Don’t miss

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

Is the U.S. economy really as bad as those headline figures suggest?

Drowning in debt

On the surface, things don’t look good. U.S. national debt soared to $34.1 trillion by Jan. 31, 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…