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Are we in the midst of a stealth recovery?

Hiring numbers and Dow are up and malls are crowded, but eurozone crisis may wreck rebound

Dean Calbreath, SAN DIEGO UNION-TRIBUNE

Sunday, December 4, 2011

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•Federal budget impasse. The White House and Congress have not been able to agree on how to handle the budget deficit. If they don’t agree by 2013, automatic across-the-board cuts could kick in, which would mean mass layoffs of federal workers, including the military, and cutbacks in government contracting. Kelly Cunningham, economist with National University’s Institute for Policy Research, estimates those cutbacks could result in $3 billion in lost revenues throughout the region. “If that had happened in 2010, it would have been enough to put us back into recession,” he said. “If it happens in 2013, it might not do that, but it would definitely hamper our growth.”