Abbott and Costello: Unemployment Explained‏

1 post / 0 new

Abbott and Costello: Unemployment Explained‏

COSTELLO: I want to talk about the unemployment rate in America .

ABBOTT: Good Subject. Terrible Times. It's 9%.

COSTELLO: That many people are out of work?

ABBOTT: No, that's 16%.

COSTELLO: You just said 9%.

ABBOTT: 9% Unemployed.

COSTELLO: Right 9% out of work.

ABBOTT: No, that's 16%.

COSTELLO: Okay, so it's 16% unemployed.

ABBOTT: No, that's 9%...

COSTELLO: WAIT A MINUTE. Is it 9% or 16%?

ABBOTT: 9% are unemployed. 16% are out of work.

COSTELLO: IF you are out of work you are unemployed.

ABBOTT: No, 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 my 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 who?

ABBOTT: The unemployed.

COSTELLO: But they are ALL out of work.

ABBOTT: No, the unemployed are actively looking for work... Those who are out of work stopped looking. They gave up. 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 you get to 9%. Otherwise, it would be 16%. You don't want to read about 16% unemployment do ya?

COSTELLO: That would be frightening.

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 just stop looking for work.

ABBOTT: Now you're thinking like an economist.

COSTELLO: I don't even know what the hell I just said!

And now you know why Obama's unemployment figures are improving!

Luap Nol's picture
Luap Nol
Joined:
Feb. 24, 2012 9:44 am

Latest Headlines

One Iowa Caucus Delegate Comes Down To Coin Toss

The Iowa caucus convener flipped a coin. Bernie Sanders supporters called "heads" and it landed on tails.

Bernie Sanders leads Hillary Clinton by 31 points in N.H.: Poll

Sanders was at 61 percent support in the University of Massachusetts Lowell/7News poll, followed by Mrs. Clinton, at 30 percent

Martin O'Malley suspends presidential campaign after Iowa caucuses

The announcement came after O'Malley barely registered in Iowa against his better-known rivals Clinton and Sanders, failing to meet already low expectations

The Problem of the Establishment

One thing that both parties have in common in this primary season is the fact that there's a sharp divide between "We, the People" populism, and the rich and powerful Washington establishment.

On the Republican side, Donald Trump is leading the race by running on a populist platform based on the fact that he's not beholden to the billionaires or lobbyists, and that he's never been part of the political establishment.

Powered by Drupal, an open source content management system