GHS1971 - UNEMPLOYED VS OUT OF WORK

11.21.13

Subject:GHS1971 - Unemployed vs Out of Work

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, it makes President

Obama's employment numbers look bad!

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%. President Obama

doesn't want you to read about 14.7% unemployment, it

makes him look bad, incompetent, and makes him look

like he doesn't have a clue what he is doing as President.

COSTELLO: That would be tough on the Democrats running

for re-election.

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 a Democratic Economist.

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

ABBOTT: Now you're thinking like a Congressman.

Hat tip: MyRightWingDad