Friday, February 22, 2013

Funny Friday ~ Abbott And Costello Math

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created?

Below is a transcript what that conversation would be between two eminent economists discussing this very question in Obama math.

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.


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 roles 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 heck I just said!

ABBOTT: Now you're thinking like Obama.


Thistle Cove Farm said...

Did you know unemployment is TWO YEARS? And, when your two years is up you can GET AN EXTENSION?!!! Where is the stinking incentive to WORK????? Dave kept saying, "let's move to Eastern Europe; it's a lot more free than this country."

Sparky Hudson said...

Dave was right! That comes under the heading "Scary But True". :\