Congress must put in place plans for tax cuts, stimulus and deficit control, as inaction continues to translate into sluggish economic growth, according to a panel of economists
In testimony before the Senate Budget Committee, the group of economists predicted annual GDP forecasts of between 3 percent and 4 percent.
According to Simon Johnson, who teaches at the Massachusetts Institute of Technology's Sloan School of Management, "It's a disappointing recovery. It's probably one of the slowest recoveries we've had since World War II."
Many of the economists support the idea of immediate policy action, warning that failure to make changes in fiscal and monetary policy could lead to even slower growth.
Johnson and Morgan Stanley economist Richard Berner stated that uncertainty over tax policy and the effects of health care and financial reforms also served to slow economic recovery and curtail consumer confidence.