"5.6% Are Unemployed - 23% are out of work"

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

ABBOTT : Good Subject.  Terrible Times.  It's 5.6%.

COSTELLO :  That many people are out of work?

ABBOTT : No, that's 23%.
 

COSTELLO : You just said 5.6%.

ABBOTT :  5.6% Unemployed.

COSTELLO :  Right 5.6% out of work.

ABBOTT : No, that's 23%.

 

COSTELLO : Okay, so it's  23% unemployed.

ABBOTT : No, that's 5.6%.

 

COSTELLO :  WAIT A MINUTE!!   Is it 5.6% or 23%?
ABBOTT :  5.6% are unemployed.  23% are out of work.

COSTELLO : If you are out of work you are unemployed.

ABBOTT :  No, Obama mandated that 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 do look for work.  That’s a
                    form of income inequality and 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.
                    There are those who are out of work and gave up looking.
                    If you give up looking for work, you are no longer in the ranks
                    of the “unemployed”.

 

COSTELLO : So if you're off the Unemployment Rolls,

                        Obama would count that as less unemployment?
ABBOTT : Unemployment would go down. Absolutely!

 

COSTELLO :  The unemployment goes down just because

                          you don't look for work?
ABBOTT :  Absolutely, it goes down. That's how it gets down
                    to 5.6%.  Otherwise it would be reported as 23%.

 

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

                        now 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 Obama can bring the

                        unemployment number for America down, and the easier
                        of the two is to have people stop looking for work.
ABBOTT: Right!  Now you're thinking like an Obama-Economist!!

 

COSTELLO:  I don't even know what the hell I just said!!!
ABBOTT: Now you're thinking like a Liberal.