14.7 vs 7.8

[hardwood]

     
    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 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 they are ALL 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 the current administration gets 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 administration supporters stop looking for work.
    ABBOTT: Now you're thinking like the Economy Czar.
    COSTELLO: I don't even know what the h--- I just said!
    ABBOTT: Now you're thinking like our current President

[sawdstmakr]

 

[tefer2]

ain't it the truth !   

[AllenF]

 

[Michael Bush]

Actually, I think "unemployed" means you are collecting "unemployment".  "Out of Work" includes those whose benefits ran out and they still haven't found a job.  When you unemployment benefits run out, you are no longer "unemployed" even though you still don't have a job and even if you're still looking...

[sawdstmakr]

Michael,
You sound just like a politician. 

[Michael Bush]

>You sound just like a politician

Those aren't my definitions, just the way I understand the definitions as used by the politicians.  I think it's fraud to not include those who are out of work in the statistics in order to make them look good.

"There are lies, darn lies and statistics"--Mark Twain

[kathyp]

yup.  there are two numbers.  one is the unemployment rate and it is calculated by how many people are collecting unemployment.  the other is the real unemployment rate and it includes those who have quit looking and are not collecting unemployment.  that number is about double the 1st right now and even higher for minorities.

this last period of calculation, the number of people who ended up in the second group was bigger than the number of jobs created. 

the other thing to watch is private and public sector job growth.  both have slowed but the concerning thing is that private sector growth has slowed to the point where it is almost equal with public sector growth.  that is not sustainable.  it ends up being a net negative for the tax payer and for the economy.
add to that the expanding welfare rolls.....

[kingbee]

You think?
http://newsone.com/2172703/ben-jealous-barack-obama/