Made sense to me at the time. The president was saying how there's nothing like a spending spree to spur the old economy. A guy who spends $3.1 trillion a year ought to know something about spending sprees.

I guess I also liked the idea that we plain folk might play a significant part in lifting the economy out of its doldrums. Even the president admits we're in an "economic slowdown," which is like calling the Civil War a regional rivalry.

Economists, a bunch prone to gloom, say that we're in a recession. Recessions happen when the leading economic indicators go south for three quarters in a row.

For most of us, the leading economic indicators fall into two categories: gas and groceries.

By that standard, we have been in recession since gas was two-something a gallon and you could buy groceries without floating a loan.

"Letting Americans keep more of their own money," the president said in February, "should increase consumer spending and lift our economy at a time when people otherwise might spend less."

There's the rub. The president's stimulus package has been overtaken by events. Back in February, we still had some people who "otherwise might spend less."

But otherwise spending less is no longer an option. With gas approaching $4 a gallon, and such staples as corn and wheat doubling in price, we're doing our part to stimulate the economy by buying a bag of groceries.

Unimpeachable sources are telling me that guys in very large trousers and T-shirts already are starting to sell grains of rice in crack vials.

Consumers grappling with the twin woes of gas and grocery hikes are torn between what they can save by buying hundred-pound sacks of grain and what it will cost to haul them home in the SUV, with gas at $3.89 a gallon.

While you're doing the math, consider this: The check is in the mail.

Everyone eligible for the rebates is expected to have them by June. The checks are for up to $600 per individual and $1,200 per couple plus $300 per dependent child (is there another kind?).

That's far short of the checks that the government has sent to Chrysler Corp. - or, more recently, Bear Stearns - when they were mired in an economic slowdown. But we're just little people doing our little part.

"Starting Monday," the president said Friday, during a photo op from the White House, "the effect of the stimulus will begin to reach millions of households across our country.

"The money is to go to help Americans offset high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us out of this economic slowdown."

In other words, hold up a minute on those American-made flat-screen TVs and electronic game systems the president was hoping we'd buy back in February, when the economic-stimulus package was announced.

This is not sitting well with Democrats, even those who voted for the economic-stimulus package, when the money was to be spent here at home.

"It's galling to think the taxpayers' stimulus checks will be lining the pockets of OPEC," said a salty Sen. Charles Schumer, D-N.Y., who chairs the Congressional Joint Economic Committee.

"The sad truth is that Americans will spend almost their entire stimulus checks on gas prices this year."

The truth is sadder than that, Senator. The unemployment rate, 5.1 percent, is the highest it's been since the Katrina layoffs three years ago. Job losses for the first quarter are nearing 250,000 positions.

Foreclosures have soared, financial institutions have taken multibillion-dollar losses on mortgage investments and, as the late Ray Charles would say, cotton is down to a nickel a pound and I'm busted.

So, now it's up to us. If we really care about the economy, we'll get out there and buy some gas and groceries for the cause. *

Send e-mail to smithel@phillynews.com or call 215-854-2512. For recent columns: http://go.philly.com/smith