How do I tell my boss to stop hiring people?

I work in an industry that has really been hit hard by the recession. We've gone from growing very quickly, to flat or shrinking. My boss thinks that this is a temporary bump, and I hope she's right. She is convinced that things are going to blow up and get crazy again any day now, and she is hiring salespeople for the explosion. The problem is, most of the team is starving. The top producers are all working on some large projects, but the quick-turn day to day stuff that makes for a consistent commission run rate has gone dry. Realistically, we could service the work with half the sales team that we have today. I don't want to see layoffs, but can we stop adding more people already? Is there a good way to bring this up with the boss?