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Malevolent

Defining Unemployment

2 posts in this topic

Defining unemployment

 

 

http://www.cumber.com/will-the-real-unemployment-rate-please-stand-up/

 

COSTELLO:  I want to talk about the unemployment rate in America  .
 
ABBOTT: Good Subject.  Terrible Times.  It’s 5.6%.
 
COSTELLO:  That many people are out of work?
 
ABBOTT: No, that’s 23%. 
 
COSTELLO: You just said 5.6%.
 
ABBOTT:  5.6% Unemployed.
 
COSTELLO:  Right 5.6% out of work.
 
ABBOTT: No, that’s 23%.
 
COSTELLO: Okay, so it’s  23% unemployed.
 
ABBOTT: No, that’s 5.6%.
 
COSTELLOWAIT A MINUTE. Is it 5.6% or 23%?
 
ABBOTT: 5.6% are unemployed.  23% are out of work.
 
COSTELLO: If you are out of work you are unemployed.
 
ABBOTTNo, 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 his point.
 
COSTELLO:  What point?
 
ABBOTTSomeone 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 it gets to 5.6%. Otherwise it would be 23%.

 

 

 

 

Edited by Cinnamon
link added and 50 percent rule

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