Jeffrey Miron argues that we should use cost-benefit analysis to evaluate government expenditure:
…even if transfers help stimulate consumer spending, their net effect on the economy is unclear. This implies that whether the sequester will harm or help the economy depends on whether cost-benefit considerations can justify the existing level of government expenditure. And on this question, the answer is clear. Across all categories, federal expenditure is far greater than necessary to achieve the legitimate goals of government intervention.
Read more at The Sequester Will Be Good for the Economy | Cato Institute.