Remember "Who's on First" ?

COSTELLO: I want to talk about the unemployment rate in America.

ABBOTT: Good Subject. Terrible Times. It's 9%.

COSTELLO: That many people are out of work?

ABBOTT: No, that's 16%.

COSTELLO: You just said 9%.

ABBOTT: 9% Unemployed.

COSTELLO: Right 9% out of work.

ABBOTT: No, that's 16%.

COSTELLO: Okay, so it's 16% unemployed.

ABBOTT: No, that's 9%...

COSTELLO: WAIT A MINUTE. Is it 9% or 16%?

ABBOTT: 9% are unemployed. 16% are out of work.

COSTELLO: IF you are 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 my 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 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 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 you get to 9%. Otherwise it would be 16%. You don't want to read about 16% unemployment do ya?

COSTELLO: That would be frightening.

ABBOTT: Absolutely.

COSTELLO: Wait, I got a question for you. That means 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.

Sooooo, only the 9%, which is now something like 8% depending on what formula you use, should be collecting unemployment, correct? 😰

I know a quick way to decrease the unemployment rate even more. Extend unemployment...again. YAAAAAY!

PAY NO ATTENTION TO THAT MAN BEHIND THE CURTAIN!!!!!!!


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I think Dave has the answer here. Extend unemployment benefits from temporary to lifetime. Hundreds of thousands of folks will no longer be looking for work, and the unemployment numbers will plummet.

Spot on!

The best explaintion ever!
The truth hurts-from laughing so hard about how this is so true.

nice

=d> BRAVO!!!

Greece claims their unemployment rate is 21%.

(Imagine what their REAL unemployment rate is)


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The definitions must remain constant if one is to compare or contrast economic and/or statistical data from one period to another.

Amen to that, botl !!

shadowstats.com

Well, they've changed the formula now so in a few years those brought up under the "new math" will see 8% unemployment and say, "that ain't so bad." [frypan]

They should keep all definitions and only add new ones so as to only compare apples to oranges and oranges to oranges. Damn politicians, actuaries, economists, epidemiologists, etc, etc....

"New Math"..."New Money"...whatever it takes!

Obama train is picking up speed, climb on now, or I feel sorry for you.

I hear the last guy who did that died a mysterious death.......

I aint skeert.

So...DWD...your business is doing gangbusters under the Kenyan King's reign, bravo.

I didn't know new home starts were looking that damn good. It must be from all the repair work then.

Repairs from everyone ramming their heads or fists through a wall when they get their paychecks and see they're bringing home less while everything is going up.

Bravo you 1%er! Way to carry the Obama Kool-Aid bucket up the hill.

Stock market good, unemployment better,lotsa other good data. Glass half full kinda guy. But if you dont see it, I must be wrong..

By the way, high end remodel niche, rich people have more money to spend.