What's the use of science?

The so-called "High Quality Research Act" proposed by representative Lamar Smith (R-TX), wants research funded by the National Science Foundation to benefit the interests of the United States by advancing "national health, prosperity, or welfare" and securing "national defense by promoting the progress of science". It also wants science to solve problems that are actually important to society while not duplicating research that has already been funded by NSF.   It may seem at first that this proposal by the Chair of the Science, Technology and Space Committee is a noble attempt to hold scientists to high standards and make sure that valuable taxpayer dollars are spent on useful research.  So what's all this fuss about peer review?