Former Federal Reserve economist Claudia Sahm passionately defended the Biden-Harris administration’s disastrous management of the economy in a Bloomberg op-ed. Now, she is desperately trying to soften the blow after her “Sahm Rule” embarrassed President Joe Biden.
Devised in 2019, the “Sahm Rule” is used as a recession indicator. It stipulates that recession begins when the three-month moving average of unemployment “rises by 0.50 percentage points or more relative to the minimum of the three-month averages from the previous 12 months.” In July, Biden’s unemployment rate rose to 4.3%, triggering the so-called rule.
Months earlier, Sahm wholeheartedly defended the Biden-Harris economic record in a February 2024 Bloomberg column headlined, “Bidenomics Is an Easy Sell If Presented Broadly Enough.” Now that her own rule threatens the…
