COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible times. It’s 5.1%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 40%.
COSTELLO: You just said 5.1%.
ABBOTT: 5.1% unemployed.
COSTELLO: Right, 5.1% out of work.
ABBOTT: No, that’s 40%.
COSTELLO: Okay, so it’s 40% unemployed.
ABBOTT: No, that’s 5.1%.
COSTELLO: Wait a minute! Is it 5.1% or 40%?
ABBOTT: 5.1% are unemployed. 40% 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. The 3,470,00 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 rate just goes down because you don’t look for work?
ABBOTT: Absolutely it goes down. That’s how it gets to 5.1%. Otherwise it would be 7.2%.
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 a politician.
ABBOTT: Good Subject. Terrible times. It’s 5.1%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 40%.
COSTELLO: You just said 5.1%.
ABBOTT: 5.1% unemployed.
COSTELLO: Right, 5.1% out of work.
ABBOTT: No, that’s 40%.
COSTELLO: Okay, so it’s 40% unemployed.
ABBOTT: No, that’s 5.1%.
COSTELLO: Wait a minute! Is it 5.1% or 40%?
ABBOTT: 5.1% are unemployed. 40% 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. The 3,470,00 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 rate just goes down because you don’t look for work?
ABBOTT: Absolutely it goes down. That’s how it gets to 5.1%. Otherwise it would be 7.2%.
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 a politician.
