If it were privatized then it would have the capability to create more jobs and money.
If it doesn't that obviously means it isn't necessary. Going to space doesn't mean forget all if it isn't cost effective.
Or we could build a civilisation on Mars and create my dream of having the Red Faction series of games become reality.
Then the mining will really pay off.
Seriously though, I do think Nasa, and other Space Agencies have done incredible things and have really improved human technology and creativity and ingenuity in the sciences and many other ways.
I don't think those areas of research and funding are worth throwing away just to save money.