Good Idea?

From the Reno Gazette Herald: Republican presidential candidate Newt Gingrich is promising to establish a permanent base on the moon by 2020 if he’s elected.
Gingrich, the former House speaker, told an overflow crowd gathered on Florida’s space coast Wednesday that he wants to develop a robust commercial space industry in line with the airline boom of the 1930s. He also wants to expand exploration of Mars.
The pronouncements appeared to thrill the crowd of roughly 700 people. Florida’s space coast is still suffering from a recent round of federal cuts to the space program.
But how would Gingrich pay for it?
The Republican presidential contender says he wants to offer prizes to help stimulate investment by the private sector. http://www.rgj.com/article/20120125/NEWS12/301250041/Gingrich-vows-establish-colony-moon?odyssey=tab|topnews|text|FRONTPAGE
This is should be an issue in the Presidential election- President Obama decimating NASA and ending manned space travel for the United States.
I think Gingrich has a good idea to restart manned space travel, but it will need government money and lot's of it.  We have benefited as society for the inventions that have come out of the space program and the good paying jobs that are created through NASA.  Private money and companies will have to play a part of the new space travel, but the government will also have to play a large role as well.
So, does Gingrich have a good idea or is Obama right when he basically closed down NASA and manned space travel?
I think Gingrich is on the right track.