The frenzy over sequestration is for no good reason, argue Christopher Preble, Benjamin Friedman and Dan Mitchell of the Cato Institute. As they see it, sequestration doesn’t really address our federal budget problem, doesn’t get the defense budget under control and doesn’t pose a risk to our national security.

Under sequestration, “all we’re doing is shaving the rate of growth of government,” says Mitchell.

However, defense hawks continue to argue that should the military budget be cut at all, it’s at the cost of national security. That’s simply not the case, says Preble.

“We could be spending considerably less at no loss to U.S. security,” he says. “If anything, our spending so much undermines our security because it causes our allies to grow dependent on us spending on their behalf.”

If there is one group that may be justified in panicking over sequestration, it’s the defense contractors.