Unemployment Rate Explained...

[007]

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of a conversation between two eminent economists discussing this very question!


COSTELLO: I want to talk to you 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 they get it to 7.8%. Otherwise it would be 14.7%. Our government 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 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 Congress.

 

[edthecynic]

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of a conversation between two eminent economists discussing this very question!

ABBOTT: 7.8% are unemployed. 14.7% 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.

There are 11.8 million unemployed. There are 1 million discouraged workers who have given up looking. Adding 1 million to 11.8 million does not double the rate.
Try again.

 

[007]

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of a conversation between two eminent economists discussing this very question!

ABBOTT: 7.8% are unemployed. 14.7% 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.

There are 11.8 million unemployed. There are 1 million discouraged workers who have given up looking. Adding 1 million to 11.8 million does not double the rate.
Try again.

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.

The point of the OP applies no matter how you try and obfuscate.

Try again.

 

[edthecynic]

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of a conversation between two eminent economists discussing this very question!

ABBOTT: 7.8% are unemployed. 14.7% 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.

There are 11.8 million unemployed. There are 1 million discouraged workers who have given up looking. Adding 1 million to 11.8 million does not double the rate.
Try again.

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.

The point of the OP applies no matter how you try and obfuscate.

Try again.

how does a point based of false pretenses apply? The rate including the discouraged workers is 8.2%, not 14.7%.

Not everyone who stops looking for a job is discouraged! People stop looking for work because they are taking care of children or sick or elderly family members, they retire, become disabled, go to school, etc.

 

[007]

There are 11.8 million unemployed. There are 1 million discouraged workers who have given up looking. Adding 1 million to 11.8 million does not double the rate.
Try again.

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.

The point of the OP applies no matter how you try and obfuscate.

Try again.

how does a point based of false pretenses apply? The rate including the discouraged workers is 8.2%, not 14.7%.

Not everyone who stops looking for a job is discouraged! People stop looking for work because they are taking care of children or sick or elderly family members, they retire, become disabled, go to school, etc.

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

 

[pinqy]

The point is based purely on factual statistics, and has been proven by many different sources...

Right..."based on" in the same way a TV movie is "based on a true story.

The higher rate is not just adding on those "out of work," but also those who are working part time but want to work full time. That's not "out of work."

But the question the OP does not answer, is why should people not trying to work be classified as "Unemployed" the same as someone who is trying?

 

[daws101]

So how can over 873,000 people come off the unemployment rolls when there were only a little over 114,000 jobs created? Below is a transcript of a conversation between two eminent economists discussing this very question!


COSTELLO: I want to talk to you 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 they get it to 7.8%. Otherwise it would be 14.7%. Our government 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 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 Congress.

abbott and costello were a awful imitation of laurel and hardy ...

 

[OnePercenter]

It's really simple. Republicans and wall street crashed the economy in 2008. There's no money for subsidies for business, so no added jobs.

 

[hortysir]

It's really simple. Republicans and wall street crashed the economy in 2008. There's no money for subsidies for business, so no added jobs.

And Obama, regardless of what bullshit he promised in order to win 2 elections, has been completely incompetent of fixing it

 

[edthecynic]

The point of the OP applies no matter how you try and obfuscate.

Try again.

how does a point based of false pretenses apply? The rate including the discouraged workers is 8.2%, not 14.7%.

Not everyone who stops looking for a job is discouraged! People stop looking for work because they are taking care of children or sick or elderly family members, they retire, become disabled, go to school, etc.

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

After being caught lying that the unemployed plus the discouraged was 14.7% when it is actually 8.2%, you simply move the goal posts and include people who are working as unemployed and people who are not looking for work for at least 1 year. Even then it comes to 14.3% not 14.7%.

 

[OnePercenter]

It's really simple. Republicans and wall street crashed the economy in 2008. There's no money for subsidies for business, so no added jobs.

And Obama, regardless of what bullshit he promised in order to win 2 elections, has been completely incompetent of fixing it

Recovering from the worst financial crash in history is going to take some time.

 

[westwall]

It's really simple. Republicans and wall street crashed the economy in 2008. There's no money for subsidies for business, so no added jobs.

And Obama, regardless of what bullshit he promised in order to win 2 elections, has been completely incompetent of fixing it

Recovering from the worst financial crash in history is going to take some time.

Hyperbole much? The crash of 1929 and the ensuing Great Depression witnessed human misery on a scale not seen since.

 

[hortysir]

It's really simple. Republicans and wall street crashed the economy in 2008. There's no money for subsidies for business, so no added jobs.

And Obama, regardless of what bullshit he promised in order to win 2 elections, has been completely incompetent of fixing it

Recovering from the worst financial crash in history is going to take some time.

Ignoring your ignorant lie for a moment....

It's hard to fix anything when you're sucking the same big bank cocks you blamed for the crash in the first place

 

[OnePercenter]

And Obama, regardless of what bullshit he promised in order to win 2 elections, has been completely incompetent of fixing it

Recovering from the worst financial crash in history is going to take some time.

Ignoring your ignorant lie for a moment....

It's hard to fix anything when you're sucking the same big bank cocks you blamed for the crash in the first place

You forgot the Republicans that let them do it.

 

[pinqy]

how does a point based of false pretenses apply? The rate including the discouraged workers is 8.2%, not 14.7%.

Not everyone who stops looking for a job is discouraged! People stop looking for work because they are taking care of children or sick or elderly family members, they retire, become disabled, go to school, etc.

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

After being caught lying that the unemployed plus the discouraged was 14.7% when it is actually 8.2%, you simply move the goal posts and include people who are working as unemployed and people who are not looking for work for at least 1 year. Even then it comes to 14.3% not 14.7%.

He's quoting a piece that's over a year old. At the time it was written, the numbers for the UE and U6 rates were correct, though of course the description of the U6 was absolutely incorrect.

 

[007]

The point is based purely on factual statistics, and has been proven by many different sources...

Right..."based on" in the same way a TV movie is "based on a true story.

The higher rate is not just adding on those "out of work," but also those who are working part time but want to work full time. That's not "out of work."

But the question the OP does not answer, is why should people not trying to work be classified as "Unemployed" the same as someone who is trying?

Those who are classified as "trying to find a job" are the ones that the government can keep track of, because they have to fill out a weekly unemployment card or form online and also give information as to where they have looked for work. When their unemployment runs out, the government no longer shows them as "trying to find a job," however they are still unemployed. This is the problem.

 

[pinqy]

The point is based purely on factual statistics, and has been proven by many different sources...

Right..."based on" in the same way a TV movie is "based on a true story.

The higher rate is not just adding on those "out of work," but also those who are working part time but want to work full time. That's not "out of work."

But the question the OP does not answer, is why should people not trying to work be classified as "Unemployed" the same as someone who is trying?

Those who are classified as "trying to find a job" are the ones that the government can keep track of, because they have to fill out a weekly unemployment card or form online and also give information as to where they have looked for work. When their unemployment runs out, the government no longer shows them as "trying to find a job," however they are still unemployed. This is the problem.

It's not a problem because it's not true. The Unemployment data comes from a monthly household survey where people are asked if they'r working and if not do they want a job, could they take a job if offered and if they've looked for a job in the last 4 weeks. If yes, then they're Unemployed...doesn't matter if they've ever received, applied for, or were ever eligible for Unemployment Insurance. It's not even asked. People are "Not in the Labor Force" if they're not currently looking for work or if they couldn't take a job if offered.

 

[007]

how does a point based of false pretenses apply? The rate including the discouraged workers is 8.2%, not 14.7%.

Not everyone who stops looking for a job is discouraged! People stop looking for work because they are taking care of children or sick or elderly family members, they retire, become disabled, go to school, etc.

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

After being caught lying that the unemployed plus the discouraged was 14.7% when it is actually 8.2%, you simply move the goal posts and include people who are working as unemployed and people who are not looking for work for at least 1 year. Even then it comes to 14.3% not 14.7%.

The numbers change daily, moron, almost as often as you pick your nose.

From the link I posted...

Clearly the facts show that the TRUE unemployment rate is far higher than the fairy tail number you keep spewing, without link. Have they even been higher, like perhaps when the OP was written? Well, in fact, YES, yes they have.

Perhaps if you read that article, you won't embarrass yourself anymore in this thread.

 

[edthecynic]

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

After being caught lying that the unemployed plus the discouraged was 14.7% when it is actually 8.2%, you simply move the goal posts and include people who are working as unemployed and people who are not looking for work for at least 1 year. Even then it comes to 14.3% not 14.7%.

He's quoting a piece that's over a year old. At the time it was written, the numbers for the UE and U6 rates were correct, though of course the description of the U6 was absolutely incorrect.

The poster was claiming the unemployed plus the discouraged, the U-4 rate, was 14.7% when it is 8.2%.

ABBOTT: 7.8% are unemployed. 14.7% 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.

 

[edthecynic]

The point is based purely on factual statistics, and has been proven by many different sources...

Why The 'Real' Unemployment Rate Is Higher Than You Think - Forbes

However, I do understand why you try and lie about things such as this, because it makes your messiah look bad. Well, sorry, it's not only making obama look bad, but your pathetic attempts to talk around the facts in the OP are making you look bad too.

After being caught lying that the unemployed plus the discouraged was 14.7% when it is actually 8.2%, you simply move the goal posts and include people who are working as unemployed and people who are not looking for work for at least 1 year. Even then it comes to 14.3% not 14.7%.

The numbers change daily, moron, almost as often as you pick your nose.

From the link I posted...

Clearly the facts show that the TRUE unemployment rate is far higher than the fairy tail number you keep spewing, without link. Have they even been higher, like perhaps when the OP was written? Well, in fact, YES, yes they have.

Perhaps if you read that article, you won't embarrass yourself anymore in this thread.

In your OP You claimed the unemployed plus the discouraged, the U-4 rate, was 14.7% when it is 8.2%. Then you dishonestly try to use the UNDERemployment U-6 rate, which includes people who are working, to support your original lie. You fool no one but yourself.

ABBOTT: 7.8% are unemployed. 14.7% 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.