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 PresidentObama'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'tbe 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 giveup, you are no longer in the ranks of the unemployed.
COSTELLO: So if you're off the unemployment rolls thatwould count as less unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO: The unemployment just goes down becauseyou don't look for work?
ABBOTT: Absolutely it goes down. That's how they get itto 7.8%. Otherwise it would be 14.7%. President Obamadoesn't want you to read about 14.7% unemployment, itmakes him look bad, incompetent, and makes him looklike he doesn't have a clue what he is doing as President.COSTELLO: That would be tough on the Democrats runningfor re-election.ABBOTT: Absolutely!COSTELLO: Wait, I got a question for you. That means thereare two ways to bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
COSTELLO: And unemployment can also go down if youstop looking for a job?
COSTELLO: So there are two ways to bring unemploymentdown, and the easier of the two is to have people stoplooking 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.