Bob Elliott
· Nonconsensus
· April 07, 2026 at 10:40
· ⏱ 3 min read
| Read on Substack ↗
Summary
The author argues that the positive economic impact from a 10% increase in average tax refunds has been completely offset by a 40% surge in gasoline prices. This oil shock negates the intended fiscal stimulus aimed at supporting the US economy amidst slowing income growth.
•Average tax refunds have increased by over 10% compared to the previous year.
•A 40% surge in prices at the gas pump has erased the economic benefit of these larger refunds.
•This dynamic counteracts the expansionary fiscal policies intended to support the US economy.