by Lisa Du and Ryo Horiuchi
Tackling the widening US fiscal deficit is a bigger issue than tariffs, which are likely to fade from view by the time of the midterm elections in Congress next year, according to Carlyle Group Inc. co-founder David Rubenstein.
The US has been allowed to accumulate debt because the dollar is the world’s reserve currency, Rubenstein said at an event hosted by the investment firm in Tokyo on Tuesday. “If we don’t get it under control,” he said, “at some point people will become more nervous about the dollar as a reserve currency and its stability.”
The US was stripped of its top credit rating last week by Moody’s Ratings, which cited swelling budget deficits that show little sign of abating. The move reflected deepening concern that ballooning debt will damage the country’s standing as the main destination for global capital and increase the government’s borrowing costs.
Rubenstein also said President Donald Trump has backed off on tariffs after recognizing that the costs will be borne by US consumers rather than exporters.
Born in Baltimore, Rubenstein has a net worth of $5.7 billion, according to the Bloomberg Billionaires Index. He also hosts a show on Bloomberg Television.
Copyright Bloomberg News
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