Unemployment Explained by Abbot and Costello !

Based On The Famous Comedy Sketch

                                          "Who's On First" ​

  UNDERSTANDING UNEMPLOYMENT

 Believe it  or not, this gives you one of the best explanations of our current unemployment.


                                       
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 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 7.8%. Otherwise it would be 14.7%.

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 a Politician.