Washington (CNNMoney.com) - Congress needs concrete plans for tax cuts, stimulus and deficit control because inaction dooms the economy to slow growth, a panel of economists told lawmakers on Tuesday.
The economists, who testified before the Senate Budget Committee, had gloomy outlooks for growth in 2011, offering annual GDP forecasts ranging from 3% to 4%.
"It's a disappointing recovery," said Simon Johnson, who teaches at the Massachusetts Institute of Technology's Sloan School of Management. "It's probably one of the slowest recoveries we've had since World War II."
Joel Naroff, president and founder of Naroff Economic Advisors, predicted even slower growth of 2% to 2.5% - if Washington fails to make major "changes in fiscal or monetary policy."