CHICAGO (CBS) — A University of Chicago economist says sequestration might help a bit and certainly will not hurt nearly as badly as the administration is warning, reports WBBM’s John Cody.

Professor Alan Sanderson says a family facing a two percent cut would trim around the edges, less Starbucks, shop a cheaper grocery, it wouldn’t stop eating. Not exactly the tack being taken by the administration.

“Trotting out one cabinet official after another in the Obama administration to spread doom and gloom and natural disaster like a meteor is going to hit a meteor is going to hit the earth on Friday, inescapable. It’s just simply not true,” said Professor Sanderson.

Professor Sanderson at the U of C argues warnings about budget cut devastation of national parks, or the air traffic control system are just false, simply scare tactics. Professor Sanderson does believe sequestration will occur and will probably be beneficial because it will assure families, businesses and financial markets that the U.S. is able to cut its budget, even if only slightly.