{"id":278850,"date":"2025-06-25T16:39:35","date_gmt":"2025-06-25T16:39:35","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/06\/25\/bob-mccauley-downgrading-uncle-sam-not-america\/"},"modified":"2025-06-25T17:07:58","modified_gmt":"2025-06-25T17:07:58","slug":"bob-mccauley-downgrading-uncle-sam-not-america","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/06\/25\/bob-mccauley-downgrading-uncle-sam-not-america\/","title":{"rendered":"Bob McCauley: \u201cDowngrading Uncle Sam, not America\u201d"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-56993\">\n\t\t\t\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>In <a href=\"https:\/\/cepr.org\/voxeu\/columns\/downgrading-uncle-sam-not-america\">McCauley\u2019s VoxEU<\/a> post (first of three), he presents a pictorial depiction of exorbitant privilege:<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1.jpg\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-56994\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1.jpg\" alt=\"\" width=\"815\" height=\"495\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1.jpg 815w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1-300x182.jpg 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1-768x466.jpg 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig1-624x379.jpg 624w\" sizes=\"(max-width: 815px) 100vw, 815px\"\/><\/a><\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2.jpg\"><img decoding=\"async\" class=\"alignnone size-full wp-image-56995\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2.jpg\" alt=\"\" width=\"797\" height=\"537\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2.jpg 797w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2-300x202.jpg 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2-768x517.jpg 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/06\/mccauleyfig2-624x420.jpg 624w\" sizes=\"(max-width: 797px) 100vw, 797px\"\/><\/a><\/p>\n<p>As <a href=\"https:\/\/cepr.org\/voxeu\/columns\/downgrading-uncle-sam-not-america\">McCauley<\/a> notes:<\/p>\n<blockquote>\n<p>While the US Treasury downgrade did not drag down US states\u2019 credit ratings, it did drag down the credit ratings of US government-sponsored enterprises that underwrite US home mortgages. On May 19, Moody\u2019s followed up its US Treasury downgrade with a downgrade of its housing wards, Fannie and Freddie, as well as the Federal Home Loan Banks (those lenders of penultimate resort to US banks).<\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2025\/06\/bob-mccauley-downgrading-uncle-sam-not-america\" title=\"9:15 am\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2025-06-25T09:15:00-07:00\">June 25, 2025<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2025\/06\/bob-mccauley-downgrading-uncle-sam-not-america\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] In McCauley\u2019s VoxEU post (first of three), he presents a pictorial depiction of exorbitant privilege: As McCauley notes: While the US Treasury downgrade did<\/p>\n","protected":false},"author":1,"featured_media":278851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/278850"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=278850"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/278850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/278851"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=278850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=278850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=278850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}