On Unemployment; Abbott and Costello

Regarding economic prognostications, a wise economist once told me this: "Economists are to the economy as meteorologists are to .... meteors."

If you sense a disconnect between what Our Leader is saying about improved unemployment figures and what your lyin' eyes tell you, this, from a journalist friend in Massachusetts, should clear it all up for you:

Abbott and Costello Discuss the UNEMPLOYMENT figures
>
>
> *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 rolls, 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.
>
> *COSTELLO:* I don't even know what the hell I just said!

Either does the professional political class.