USA Today polled 52 of the nations top economist and the majority believe the U.S. is in a recession. The good news within that poll is that they think the recession will be short and shallow.
One thing the government hopes will help stimulate the economy is the economic stimulus checks, and most people plan to use their extra money on expenses.
The economy has been slow and some would even say the country is in a recession in the first two quarters of 2008. The IRS is issuing checks of $600 to individuals and $1,200 to married couples, and $300 for eligible children under 17 who filed their taxes.
The hope is that they will spend that extra money to stimulate the economy, and Mostof the people we talked with say they'll spend it.
Jerry Leggett, expecting a check, said, "We started a new church we're going to take that money and put it back into the church. We've been buying chairs and everything like that, so it's going to be a blessing.
Beth Davison added, "Definitely pay gas and food with it; wish I could save it, but I'm not going to be able to."
Bob Pirrung also said, "I'm going to use it to bring my family down to visit."
The checks will be issued throughout the spring and summer. Taxpayers who filed their taxes by April 15 and opted for direct deposit have already started receiving their money.
Theresa Maender got her check on Monday and is happy to have it.
Theresa shared, "It's a big relief. I've been waiting on it and it's going to help me out a lot."
President Bush enacted the economic stimulus package in February for $168 billion. The stimulus checks are the main component of the package, and the government hopes it will bring the country out of its "slowdown."
The IRS will send notices to taxpayers who have already filed a 2007 tax return and who are eligible for an economic stimulus payment.