For a while our jobs market had the same trajectory as the stock market and many individual stocks like Dollar Thrifty. Then jobs hit a bump in the road and the economy has struggled to the point of dodging double-dip bullets. Of course the stock market also gets a boost from other economies around the world where American companies make things people desire and respect. Moreover, now that America has the highest corporate tax rate in the entire world, we are nearing two trillion dollars of profits sitting in banks offshore. Just as households have cut back on debt and state and local governments choke on massive pension problems, other possible valves of economic growth have been chocked off by new rules, regulations and mean-spirited rhetoric.
In May 2010 when the US economy posted its best jobs report during the Obama era, shares of Dollar Thrifty were changing hands around $45.00 a share, or about half its true value revealed by a key rival.
When we hear how the economy was hemorrhaging 800,000 jobs a month (a phenomenon that began with election results in November 2008), remember it was a sign of panic not value.
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