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View Full Version : Abbott and Costello Explain Unemployment



Conley
03-04-2012, 09:51 PM
COSTELLO: I want to talk about the unemployment rate.


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

COSTELLO: That many people are out of work?



ABBOTT: No, that's 16%.

COSTELLO: But 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: To 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 heck I just said!

Captain Obvious
03-04-2012, 09:55 PM
Harr!

Stoney
03-05-2012, 08:40 AM
A really talented poster would have done a voice over on an old video.

I wasn't sure rather to laugh or cry.

Conley
03-05-2012, 09:22 AM
A really talented poster would have done a voice over on an old video.

I wasn't sure rather to laugh or cry.

Are you suggesting I'm not talented ?!? :laugh:

You're right...and I copied this from an email I received. I will now leave this thread with my head bowed in shame. :cry:

Alias
03-05-2012, 02:14 PM
All you need to know is Rush Limbaugh and the Tea Party are to blame for everything bad. That's the Dem platform for the campaign.

wingrider
03-05-2012, 03:02 PM
good one Conley.. so that is how it is done? I often wondered about that.. LOL

Conley
03-05-2012, 03:06 PM
good one Conley.. so that is how it is done? I often wondered about that.. LOL

Yup, I have forgotten this factoid before when seeing the drop in unemployment numbers. The number of people who have given up looking and the number of people who are underemployed are both significant but unreported.

Mainecoons
03-05-2012, 04:44 PM
http://www.gallup.com/poll/152753/unemployment-increases-mid-february.aspx


PRINCETON, NJ -- The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.


Underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, is 19.0% in mid-February. This is higher than the 18.7% recorded for January, and is up significantly compared with January's mid-month reading of 18.1%.

Here's what happens when you have a radical administration that scares the pants off of job producers and investors:

25

http://data.bls.gov/timeseries/LNS11300000

Stoney
03-05-2012, 07:44 PM
Are you suggesting I'm not talented ?!? :laugh:

You're right...and I copied this from an email I received. I will now leave this thread with my head bowed in shame. :cry:

Hold your head high. Its a good post.

Scotty
03-05-2012, 07:53 PM
Good post...funny...lol

Conley
03-05-2012, 08:05 PM
Hold your head high. Its a good post.

:afro: