Econ 101: July 25, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • Speaker of the House John Boehner (R-OH) and Senate Majority Leader Harry Reid (D-NV) are working on competing versions of legislation that would raise the federal debt ceiling. [Washington Post]
  • Treasury Secretary Tim Geithner yesterday rejected the idea of a short-term increase in the debt ceiling: “The idea that we’re going to spend another seven months lifting the cloud of default from the American economy, it seems an irresponsible approach. It would be bad for the economy. And we don’t think that makes sense — and there’s no reason why we have to do it that way.” [Fox News Sunday]
  • Secretary of State Clinton “moved Monday to reassure China and Asian financial markets that resolution to America’s debt crisis will be reached.” [Associated Press]
  • The ratings agency Moody’s downgraded Greece again today, and “warned that it is almost inevitable the country will be considered to be in default following last week’s new bailout package.” [Washington Post]
  • According to the Labor Department, “the average national unemployment rate for male veterans aged 18-24 who have served their country since September 2001 is staggering: 28.3 percent.” [Reuters]
  • Kaplan Inc., which owns one of the nation’s largest for-profit college chains, “agreed Friday to pay $1.6 million to bring an end to investigations and charges relating to the surgical technology program at its CHI Institute in Broomall, Pa.” [New York Times]
  • Corporate profits have been up despite the weak economic recovery, but “the gains in many cases have come from [corporations’] international operations.” [Wall Street Journal]
  • Several states are raising fees and fines, as they try “nickel-and-diming their way to a balanced budget.” [Huffington Post]
  • The union attempting to represent workers at IKEA’s only U.S. plant is “accusing the retailer of paying its American workers low wages and tolerating unsafe working conditions.” [Associated Press]
  • Late last week, Sen. Tom Harkin (D-IA) and 13 other Senators “introduced a bill that proposes the federal government fulfill a decades-old promise to pay 40 percent of the cost of educating students with disabilities.” [Education Week]