Porcelli Says Oil Prices Could Wipe Out Some of U.S. Stimulus
Higher petroleum prices stemming from the turmoil in Egypt could “completely wipe out,” the benefits of the economic stimulus from lower Social Security taxes, said Tom Porcelli, senior economist at RBC Capital Markets Corp. in New York.
If gasoline prices were to reach $3.75 a gallon, “it would wipe out the $100 billion injected into the system because of the Social Security deduction,” Porcelli said today in a radio interview on “Bloomberg Surveillance” with Tom Keene.
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