First, the size of the rebate package is a pittance compared to the U.S. economy. We've had three consecutive months of job losses, four if you count the soon-to-be-released numbers for April, which means thousands of Americans are being forced to curtail spending. Those rebate checks will not come close to making up for the reduction in payroll wages. Second, it appears that many Americans are planning to do stick the money in the bank or pay down debt. Several surveys have confirmed this, with most suggesting that as many as half of all taxpayers are planning to save the money or pay down debt. In times of higher gas and food prices, it's becoming harder for Americans to justify lavish expenses.

The bottom line: The U.S. economy is in a serious slowdown and in danger of dipping into recession, and that will not be changed by the $600 checks showing up in taxpayers' bank accounts and mailboxes.