Is the US economy heading down, and taking the world with it? | Business and Economy

US President Joe Biden says inflation is his number one priority – but can he do anything about it?

With the cost of living rising every month, a painful recession seems more likely. When the United States economy starts to shrink, American consumers stop spending. And when that happens, the entire global economy slows down as well.

US economist Douglas Holtz-Eakin is the former head of the Congressional Budget Office. He says the government will continue to raise interest rates, which will make money less available in the market and eventually trigger a recession.

Host Steve Clemons asks Holtz-Eakin whether President Joe Biden and the Democratic Party will pay the price at the ballot box this November.