On Monday, February 16, 2015 at 3:04:42 PM UTC-5, Frank wrote:
On 2/16/2015 2:53 PM, ChairMan wrote:
Unemployment Explained


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.
You have to look for work to be unemployed.

COSTELLO:
BUT THEY ARE OUT OF WORK!!!

ABBOTT:
No, you miss the 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%. 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 hell I just said!

ABBOTT:
Now you're thinking like Congress.

Makes sense to me.

you just have to wait for a new generation of votes to be fooled for the rates to improve.