Another Abbot and Costello that hits the nail on the head… dammit…

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.

h/t JP