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Tuesday, June 9, 2015
UNEMPLOYMENT EXPLAINED
COSTELLO: I want
to talk about the unemployment rate in America.
ABBOTT: Good
Subject. Terrible Times. It's 5%.
COSTELLO: That
many people are out of work?
ABBOTT: No, that's
14.7%.
COSTELLO: You just
said 5 percent
ABBOTT: 5%
Unemployed.
COSTELLO: Right 5%
out of work.
ABBOTT: No, that's
14.7%.
COSTELLO: Okay, so
it's 14.7% unemployed.
ABBOTT: No, that's
5%.
COSTELLO: WAIT A
MINUTE. Is it 5% or 14.7%?
ABBOTT: 5% 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 5%. 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 people
stop looking for work.
ABBOTT: Now you're thinking like an Economist.
COSTELLO:
I
don't even know what the heck I just said!
ABBOTT: Now you're thinking like Congress.
Monday, June 8, 2015
Sunday, June 7, 2015
Saturday, June 6, 2015
Friday, June 5, 2015
Thursday, June 4, 2015
Wednesday, June 3, 2015
Tuesday, June 2, 2015
Monday, June 1, 2015
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