We all should feel sad and angry. That said, this was never about saving money. This is about keeping scientists under tight control by the government, in order to suppress research on climate change and other controversial topics. If the government can cut your grant at any time without notice or appeal you will think twice before publishing results that go against their ideology, or even before publishing a criticism on Twitter. This is true especially if you are not tenured, which accounts for the majority of the academic world.