For the weekend!
COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It’s 5.6%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 23%.
COSTELLO: You just said 5.6%.
ABBOTT: 5.6% unemployed.
COSTELLO: Right, 5.6% out of work.
ABBOTT: No, that’s 23%.
COSTELLO: Okay, so it’s 23% unemployed.
ABBOTT: No, that’s 5.6%.
COSTELLO: WAIT A MINUTE! Is it 5.6% or 23%?
ABBOTT: 5.6% are unemployed. 23% are out of work.
COSTELLO: If you are out of work you are unemployed.
ABBOTT: No, Biden 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 it gets to 5.6%. Otherwise it would be 23%.
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 a Democrat!
COSTELLO: I don’t even know what the hell I just said!
ABBOTT: Now you’re thinking like Biden!
I wonder does that include the 17% that have retired?
Gerry: Who knows? I’m retired and still working. Mostly just tired, though.
I feel you brother!
That was funny 🙂
Because it’s true!
All- Yeah, bunch of us ‘tired’ and ‘retired’… Yes it is John. Dammit…
As I have discovered: Never retire! Once you retire, you NEVER get a day off.
Funny how nobody cared when the same point was made in 2008. But of course, it was a different president and a different party.
https://eb-misfit.blogspot.com/2008/01/unemployment-rate.html
No, people still cared. The difference is 2008 was caused by bad bank investment policies, and the current unemployment was caused by bad Democrat-demanded policies during COVID. Even after it was shown those policies were bad.
2008 was caused by bad Democrat-demanded policies as well, it’s just that it followed the usual pattern of effects not arriving until many years after the causes.
2020 was very unusual in making the chaser come immediately after the shot.
The 23% aren’t looking for work because they can steal.
It stopped being funny a long time ago.