The next generation of Earth-based (optical) telescopes comes with a price tag of somewhere

The next generation of Earth-based (optical) telescopes comes with a price tag of somewhere between 1 and 2 billion dollars. The next generation of space-based telescopes (to replace Hubble, say) cost about 10 billion dollars. 

We, as a society, are faced with many problems. It could be argued that there are better ways to spend that kind of money than building expensive telescopes.

Please write a short essay (approx 2pages) and give us your thoughts about the question:

Should we, as a society, spend that kind of money (billions of dollars) for basic science?

Please understand that there is no “right” or “wrong” answer. We want to know what you think. But, please, whatever your answer, give some cogent justification for your choice.