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unemployment - SumOfAllFears - 02-27-2014 09:26 PM COSTELLO: I want to talk about the unemployment rate in America. ABBOTT: Good Subject. Terrible Times. It's 7.8%. COSTELLO: That many people are out of work? ABBOTT: No, that's 14.7%. COSTELLO: You just said 7.8%. ABBOTT: 7.8% Unemployed. COSTELLO: Right 7.8% out of work. ABBOTT: No, that's 14.7%. COSTELLO: Okay, so it's 14.7% unemployed. ABBOTT: No, that's 7.8%. COSTELLO: WAIT A MINUTE. Is it 7.8% or 14.7%? ABBOTT: 7.8% are unemployed. 14.7% are out of work. COSTELLO: If you are out of work, you are unemployed. ABBOTT: No, Congress said you can't count the "Out of Work" as the unemployed. You have to look for work to be unemployed. COSTELLO: BUT THEY ARE OUT OF WORK!!! ABBOTT: No, you miss his point. COSTELLO: What point? ABBOTT: Someone who doesn't look for work can't be counted with those who look for work. It wouldn't be fair. COSTELLO: To whom? ABBOTT: The unemployed. COSTELLO: But, ALL of them are out of work. ABBOTT: No, the unemployed are actively looking for work. Those who are out of work gave up looking; and, if you give up, you are no longer in the ranks of the unemployed. COSTELLO: So, if you're off the unemployment rolls, that would count as less unemployment? ABBOTT: Unemployment would go down. Absolutely! COSTELLO: The unemployment just goes down because you don't look for work? ABBOTT: Absolutely it goes down. That's how they get it to 7.8%. Otherwise it would be 14.7%. Our government doesn't want you to read about 14.7% unemployment. COSTELLO: That would be tough on those running for reelection. ABBOTT: Absolutely. COSTELLO: Wait, I got a question for you. That means there are two ways to bring down the unemployment number? ABBOTT: Two ways is correct. COSTELLO: Unemployment can go down if someone gets a job? ABBOTT: Correct. COSTELLO: And, unemployment can also go down if you stop looking for a job? ABBOTT: Bingo. COSTELLO: So, there are two ways to bring unemployment down, and the easier of the two is to have people stop looking for work. ABBOTT: Now you're thinking like an Economist. COSTELLO: I don't even know what I just said! ABBOTT: Now you're thinking like Congress. |