Econ 101: August 15, 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.

  • Gov. Rick Perry (R-TX) — who jumped into the GOP presidential primary on Saturday — has a China problem. [Washington Post]
  • Stock fluctuations this week “could be just as bumpy as last week’s wild ride, as Wall Street continues to deal with the fallout of S&P’s downgrade, the problems in Europe and the fate of the U.S. economy.” [CNN Money]
  • Billionaire investor Warren Buffett “urged lawmakers to raise taxes on the country’s super-rich to help cut the budget deficit, saying such a move will not hurt investments.” “My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice,” he said. [Reuters]
  • In a new Gallup poll, “thirty-nine percent of Americans said they approve of the way Obama is handling his job as president, eclipsing a previous low point of 40 percent from the Aug. 6-8 edition of the poll.” [The Hill]
  • The Obama administration’s calls for extending a payroll tax cut “could upend the political dynamics in Congress heading into the fall, as Democrats adopt a trademark Republican tactic: warning against a looming tax hike.” [The Hill]
  • The Obama administration has reportedly “narrowed its search for candidates for two empty seats on the seven-member Federal Reserve Board to a pair of economists, one Democrat and one Republican.” The two choice are “Jeremy Stein, a Harvard University specialist in finance, and Richard Clarida, an executive vice president at money manager Pimco who is also a professor of economics and international affairs at Columbia University.” [Wall Street Journal]
  • World Bank chief Robert Zoellick said over the weekend that “the global economy was entering a ‘new and more dangerous’ phase because of the debt crisis in Europe.” [McClatchy]
  • Montana is no longer in jeopardy of losing its federal education funding “since the state has come to a compromise with the U.S. Education Department on setting student proficiency targets.” [Huffington Post]
  • Rep. James Clyburn (D-SC), who has been named to the fiscal super committee created by the debt ceiling deal, said he hopes to use the position to tackle the nation’s growing income inequality. “The gap continues to grow wider between those who enjoy great wealth and those who struggle to get by with little thought of ever getting ahead,” Clyburn said. [The Hill]
  • Italy’s largest labor union “is threatening a general strike against an austerity package that Premier Silvio Berlusconi’s government hastily pushed through to balance the budget by 2013 and avoid financial collapse.” [Associated Press]