If all goes according to plan, then the weight of the fiscal austerity will start to ease in the second half of this year. Real GDP growth will ratchet up to 3% in the third and fourth quarters. In 2014, the rate of growth will rise to 4%. This may seem like an overly optimistic forecast in light of our present circumstances. But given the current low interest rates I think that the only way we will not hit these growth rates is if Congress does something really stupid like shut down the government. All of the Fed’s stimulus will likely come back to haunt us in the long run in the form of high inflation, but in the short term I believe it will certainly result in a faster pace of economic growth.