Greg Mankiw - Abbott and Costello Explain Unemployment. Two things; one, this isn't as funny as Abbott and Costello should be. Two, I have a feeling this is a jab at Obama, but I can't really tell, and the jab isn't even necessarily pertinent... I'm not sure, I haven't looked at the data.
Mankiw points out that unemployment =/= people out of work. And seems to stress that a whole lot more people are out of work than the number (~9%) that everyone talks about. The unemployment rate has improved recently, but this "skit" seems to be emphasizing that the improved number can be from people giving up on searching for jobs. So Mankiw is downplaying the improvement... but how much downplaying should we really be looking at? I'm doubtful that the improvement in unemployment is entirely because they all gave up work. Weak sauce, if you ask me, just go and call out Obama already, and provide me some good numbers to look at.
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