Despite looming federal budget cuts, economists said they are cautiously optimistic that Massachusetts’ economy will continue to grow in the next year because of the state’s improving jobs and real estate markets, and a brightening economic picture in Asia, according to a new analysis by the University of Massachusetts and the Federal Reserve Bank of Boston.
Although the state’s economy is poised to expand, the report said, the across-the-board federal budget cuts known as sequestration that are set to take effect in March could cut federal defense, research, and health spending in Massachusetts, damaging fragile business and consumer confidence.
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Move over under the table workers, former taxpayers will give you a run for the money.