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Unemployed – Explained by two eminent economists

on March 18, 2014

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So how can over 873,000 people come off the unemployment line when there were only a little over 114,000 jobs created?

Luckily I found a transcript of a conversation between two eminent economists discussing this very
question!

Abbott & Costello explain unemployment


Here we go, the recent unemployment report explained —

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…

View original post 265 more words

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