The Space Race came to an end on July 17, 1975 when the United States and Soviet Union formally agreed to end their space-based rivalry. Since then, space exploration has gone largely dormant and shifted largely away from the public eye. Recently, however, the incredible potential of space came back into the realm of public perception in recent years as private companies, such as SpaceX, began the process of commercializing space once more. Space represents opportunity for humanity in a multitude of ways; celestial bodies are incredibly resource dense, interplanetary colonies are possible, and so much of modern technology exists because of the original space race. It is time to ask, should The United States be diverting more towards programs that focus on exploring and harnessing space for humanity?
When looking into the facts, the clear answer is that, for the sake of human progress, it is not only appropriate to divert resources to space-based corporations but necessary as well.
It is no secret that space is incredibly resource dense. The asteroid belt, just beyond Mars, is home to nearly two million asteroids that are completely unclaimed by any nation and ripe for the taking. These asteroids are the means by which the economy may grow by incomprehensible amounts, along with many personal fortunes of both the elite and the common class. Harvesting only the 10 most cost efficient asteroids would yield a profit of $1.5 trillion, and some individual asteroids contain far more resources than that, such as 16 Psyche which contains $700 quintillion worth of gold, according to the Harvard International Review. With profit margins and dollar values so extreme, it seems absurd that everything would not be devoted to claiming these resources and reaping the benefits that they will bring.
Beyond the extreme wealth that space exploration can bring, there is also the opportunity to establish extraterrestrial colonies. Taking the step to being a space faring civilization is vital for the future of humanity. The threats of global pandemic, nuclear war, natural disaster, human impact on the climate, and ever-growing population endanger the survival of humanity. If humanity were to be interplanetary then complete extinction becomes highly improbable.
If resources are diverted to funding space-based ventures, then improvements in the technology that is available to the consumer market should be expected. The space industry already provided humanity with technology such as the cameras in smartphones, home air purifiers and GPS, according to NASA. Investing in space exploration leads to objective improvements in the average person’s quality of life. It is highly probable that new improvements in technology will become so fundamental, that living without them will seem impossible only a few years after their development.
Not everyone would agree, however, that space exploration and harvesting is viable, due to the large capital that such projects require to begin. The budget for NASA in 2024 was $34.12 billion, according to USASPENDING.gov, a seemingly incredibly large number; however, by comparison, the social security budget totalled $3.14 trillion, Medicare $850 billion and even transportation received $118 billion. There is room in the budget to give more money to organizations such as NASA or private industries like SpaceX. Money that goes into social security, the government’s biggest expenditure, sees no return on investment. Based on the extended life expectancy and current pay rates, all social security reserves will be depleted by 2041, according to the Social Security Administration. Taxes and personal wealth invested into space-based industries will pay themselves back in either direct money or indirectly through technological advancements.
The argument also arises that the money is better allocated to resources here on Earth, though that simply is not true for long term growth. It is a simple fact that resources on Earth are finite, meaning there is only so much time before humanity needs to turn to the stars to continue expansion anyways. There is no point in delaying the necessary advancements to advance humanity as a whole. Delaying necessary change is an easy mistake, as in the case of ignoring climate change patterns for so long, but there is still ample time to invest early in this seemingly futuristic industry, so that humanity is prepared for the future when it arrives.
It is clear that by diverting more of the nation’s resources and personal investments into space-based ventures, humanity will profit not only in the economic sense but in the social sense as well. In addition to long-term profit, it is necessary to exploit space resources instead of Earth’s to preserve our home for generations to come. It is time to pass legislation that enables space-based enterprises to thrive and put personal investments into this blossoming industry.
