The resulting PR blitz may be designed to hype the impact of sequestration, but behind the grandstanding there are a couple of realities that genuinely could slow the economy. The first is that all the publicity about sequestration could have a negative psychological effect on the private sector. Stories about the dire effects of budget cutting don't exactly make individuals spend optimistically, or encourage businesses to get aggressive about hiring.

Beyond the psychology, there is the reality that the deficit will have to be addressed. Whether it's spending cuts, tax increases, or both, some kind of drag on the economy is inevitable.

In short, February's employment growth was good news for job-seekers, and possibly good news for interest rates on savings accounts and other deposits. Whether it can survive both the hype and the reality of the budget mess remains to be seen.

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