Does Recent Economic Data Confirm that Sequestration is Good?

Over the past few days, a number of economists and other financial professionals have argued that the recent economic data confirms that sequestration is hurting the economy.  Is what they are saying real, or is it just political Krugman-esque gibberish?

More than likely, the answer is: it’s all agenda-driven gibberish, rather than unbiased economic analysis.  In sum: the recent economic data do not indicate that sequestration, or more aptly put federal savings (cost reductions), is hurting the economy by some large magnitude.  Rather, recent data suggest that sequestration may be putting a very, very small downward pressure on economic growth (if at all) in the very short term.  And it’s more likely that...