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Possibly. I think the pent up demand is going to cause certain improvements over the next year or two. An example is that because of the recession people have been holding on to cars, computers, etc. rather than buying new ones. You can't keep driving the same car forever, though. Eventually new cars will have to be purchased.
Whether or not this pent up demand and growth gets us back on track or it makes things suck slightly less depends on if governments and others become more responsible. So long as the US government is spending 50% more than revenue that's obviously crushing to the economy. If we can get debt and over spending under control, normal market forces will spur growth.
The danger is that as pent up demand causes some growth this year, people interpret that as meaning that massive deficit spending is ok and the voters allow it to continue. That would put us on a path to absolute collapse as the country becomes unable to shoulder the burden of trillions in interest to be paid every year.
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