Every single economic analysis of NSF and NIH research funding that I have seen has shown economic return on investment from $2.5-$10 for every dollar of science spending.
Cutting off the future of science feels a lot like "saving money" by eliminating retirement savings. Sure, the money isn't going into the retirement account and now you can buy more beer, but it's just sacrificing far more future gains for a short term gain.
Foolish at best, and traitorous at worst.