21 Jan 12 Obama, Abbot and Costello explain Gov statistics

US Dept of labor statistics as reported by Abbott and Costello

Abbott:      No that’s 17%

Costello:  You just said 9%.

Abbott:      9% unemployed.

Costello:  Right 9% out of work.

Abbott:      No that’s 17%.

Costello:  Okay so it’s 17% unemployed?

Abbott:      No that’s 9%.

Costello:  Wait a minute, is it 9% or 17%?

Abbott:      9% are unemployed.  17% are out of work.

Costello:  If you’re out of work you are unemployed.

Abbott:      No 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 the point.

Costello:  What point?

Abbott:      Some one who doesn’t look for work can’t be counted with those who look for work, it wouldn’t be fair.

Costello:  To who?

Abbott:      The Unemployed.

Costello:  But they are all out of work.

Abbott:      No, the unemployed are actively looking for work … those who are out of work stopped looking. They gave up, and if you give up you are no longer in the ranks of the unemployed.

Costello:  So if you’re off the unemployment role, 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 you get 9%, otherwise it would be 17%. You don’t want to read about 17% unemployment do ya?

Costello:  That would be frightening.

Abbott:      Absolutely.

Costello:  Wait, I got a question for you, that means that they’re 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 just stop looking for work.

Abbott:      Now you’re thinking like an economist.

Stumble it!