I'll treat this as a factual question, rather than a rhetorical one. There is plenty of oxygen in the atmosphere, so the only part of this equation we need to consider is the carbon itself. Over the last four billion years, carbon has been gradually removed from the atmosphere by sequestration. Carbon is buried in sediments as organic materials, and these are progressively converted by depth and pressure into kerogen, lignite, coal, oil, oilshale, methane clathrates and natural gas. So in answer to your question, yes, it is still underground. Some, but not all, of the buried carbon is returned to the atmosphere via volcanoes, which oxidise the buried carbon and create CO2. This removal will continue into the future as the Earth gets older, and eventually (about 500 million years from now) the carbon in the atmosphere will not be sufficient to support photosynthesis as we know it today.
However the rate of carbon retrieval has increased since the start of the industrial era, because we are digging up buried carbon and burning it. We have now returned the carbon dioxide level to the state it was in the Miocene, 8 million years ago (before the Ice Ages); a period when sea-levels were much higher. So the very least we can expect is relatively rapid sea-level rise. Because of the way our human societies are configured, sea-level rise will be disruptive.
I'm particularly concerned about the effect of this increase in carbon dioxide on the methane clathrates around the world; we might get away with a relatively insignificant effect, but it is also possible that methane releases cause a rapid change in climate that will create severe problems above and beyond sea-level rises.