COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It's 5%.
C: That many people are out of work?
A: No, that's 14.7%.
C: You just said 5 percent
A: 5% Unemployed.
C: Right 5% out of work.
A: No, that's 14.7%.
C: Okay, so it's 14.7% unemployed.
A: No, that's 5%.
C: WAIT A MINUTE. Is it 5% or 14.7%?
A: 5% are unemployed. 14.7% are out of work.
C: If you are out of work you are unemployed.
A: No, Congress said you can't count the "Out of Work" as the unemployed. You have to look for work to be unemployed.
C: BUT THEY ARE OUT OF WORK!!!
A: No, you miss his point.
C: What point?
A: Someone who doesn't look for work can't be counted with those who look for work. It wouldn't be fair.
C: To whom?
A: The unemployed.
C: But ALL of them are out of work.
A: No, the unemployed are actively looking for work.
Those who are out of work gave up looking & if u give up, u are not unemployed.
C: So if you're off the unemployment rolls that would count as less unemployment?
A: Unemployment would go down. Absolutely!
C: The unemployment just goes down because you don't look for work?
A: Absolutely it drops. 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.
C: That would be tough on those running for reelection.
A: Absolutely!
C: Wait, I got a question for you.
That means there are two ways to bring down the unemployment number?
A: Two ways is correct.
C: Unemployment can go down if someone gets a job?
A: Correct.
C: And unemployment can also go down if you stop seking a job?
A: Bingo.
C: So there are two ways to cut unemployment. The easy one is people stop job hunting.
A: Now you're thinking like an Economist.
C: I don't even know what I just said!
A: Now you're thinking like Congress.
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