I was talking about federally funded basic research.
Let?s assume we do it your way and cut off funding to say 50,000 researchers working in labs doing research across the country in all our major universities. Those folks all find themselves out of work - some find work in private labs doing "narrow" research (research with very specific goals), some will move to other countries where funding is available, others end up working at McDonalds or your local Starbucks. Very few will find additional funding through private philanthropy funds, as those fund are already allocated to existing research. Do you think your plan will have a positive or negative impact on advances in science made in our country?
Also, if you're looking for a second opinion, consider asking someone you trust in the medical industry this question. A family doctor for example - see what they have to say.
And, many of the universities have federal grants whereby the researchers, being PhD candidates have stipends, which are funded by the grant money.
Religion, politics, science/research, traveling in outer space, money! All intertwined.
Medical research will perpetuate with or without federal funding. And, right now, we still have no idea how much federal $$ will be granted on Stem Cell Research.
Does money grow on trees? I sure wish I could pluck a few thousand right now.