Is the TSA Just Security Theater?

The Economist hosts a week-long debate on the topic. Bruce Schneier says yes:

"An even more meaningful response to any of these issues would be to perform a cost-benefit analysis. These sorts of analyses are standard, even with regard to rare risks, but the TSA (and, in fact, the whole Department of Homeland Security) has never conducted them on any of its programmes or technologies. It's incredible but true: he TSA does not analyse whether the security measures it deploys are worth deploying. In 2010, the National Academies of Science wrote a pretty damning report on this topic.

Filling in where the TSA and the DHS have left a void, academics have performed some cost-benefit analyses on specific airline-security measures. The results are pretty much what you would expect: the security benefits of most post-9/11 security changes do not justify the costs."