Econ 101: December 2, 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.

  • According to a new study, “just 7 percent of those who lost jobs after the financial crisis have returned to or exceeded their previous financial position and maintained their lifestyles.” [New York Times]
  • The Senate yesterday voted down both Democratic and Republican plans for extending the soon-to-expire payroll tax break, with the GOP’s plan going down by an overwhelming majority. [BusinessWeek]
  • Mortgage giants Fannie Mae and Freddie Mac, as well as several private mortgage lenders, “have pledged not to foreclose on delinquent borrowers during the Christmas season.” [CNN Money]
  • German Chancellor Angela Merkel yesterday “flatly rejected any quick-fix ideas to try to resolve the European financial crisis.” [Associated Press]
  • Gov. Jerry Brown (D-CA) is set to unveil a tax package that includes an income tax hike for the wealthy and an increase in the Golden State’s sales tax. [Reuters]
  • According to the latest data, manufacturing grew for the 28th straight month in November “and faster than it has since June.” [The Hill]
  • The nation’s freight railroads and their workers “reached a tentative agreement Thursday to avoid a strike that threatened to halt shipments of consumer goods three weeks before Christmas.” [McClatchy]
  • Honda “is recalling 304,000 vehicles globally for air-bags that may inflate with too much pressure in a crash.” [Associated Press]