[Labor Dept: 873,000 people come “off” the unemployment line but only a
little over 114,000 jobs were “created”? Luckily I found a transcript of a
conversation between two eminent economists discussing this very question!]
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, Obama 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 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 the current administration gets
it to 7.8%. Otherwise it would be 14.7%. Our government 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 administration supporters stop looking for work.
ABBOTT: Now you’re thinking like the Economy Czar
COSTELLO: I don’t even know what I just said!
ABBOTT: Now you’re thinking like our President.
~~
Dr Bob Griffin
[email protected] www.grif.net
“Jesus Knows Me, This I Love!”