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Unemployment Report Explained
This is old but a reminder never hurts!!
So how can over 873,000 people come off the unemployment line when
there were only a little over 114,000 jobs created?
Luckily I found a transcript of a conversation between two eminent
economists discussing this very question!
Here we go, the recent unemployment report explained --
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, Obama 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 roles 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 the current administration
gets it to 7.8%. Otherwise it would be 14.7%. Our govt. 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 administration supporters stop looking for
work.
ABBOTT: Now you're thinking like the Economy Czar.
COSTELLO: I don't even know what I just said!
ABBOTT: Now you're thinking like Obama.
Now I understand the deal....
BMT
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Don't mess with old farts...age and treachery will always overcome youth and skill! Bullshit and brilliance only come with age and experience.
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