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ABOTT AND COSTELLO ON UNEMPLOYMENT

I RECEIVED THIS FROM MY SISTER:
 
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 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 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.

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Posted by on October 17, 2013 in EDUCATION, SOCIAL, US POLITICS

 

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Workforce dropouts: Frustrated, retired or lack skills – Washington Times

Have you wondered who are those people who have been dropping out of the workforce?  Now we can finally find out!

Both sides had a point, economists say. Jobless rates are down both because  some people are finding work and because some people have stopped trying.

The big question: Who are all these people who have given up, driving the  share of able-bodied Americans in the labor force to a 30-year low of 63.5  percent last month?

Workforce dropouts: Frustrated, retired or lack skills – Washington Times.

 
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Posted by on September 21, 2012 in US POLITICS

 

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