In May and June of 2008, the federal government issued one-time tax rebates-checks returning a small portion of taxes previously paid-to millions of U.S residents, and U.S. real disposable income temporarily jumped by nearly $500 billion. Household real consumption spending did not increase in response to the short-lived increase in real disposable income. Explain how the logic of the permanent income hypothesis might help to account for this apparent non-relationship between real consumption and real disposable income in the late spring of 2008.