With the recent announcement, the US has said that we spent the seed money for this industry, it is time for private companies to take over. In addition we have certain needs that will serve as a continued source of funding.
1. Unmanned Space Science. Maintain all current observatories, and all planned observatories for the following reasons. The US gets a good return on these space dollars.
a. basic science
b earth protection
2. Tourism. There is no remarkable reason to go to the moon, except for tourism. Let SpaceX and Bigelow go for it. As an add on, companies will lease space for research, as will the US and other countries.
3. Asteroid and Comet killers need to be cataloged and if any issues come up, research into a earth survival needs to be funded.
4. Research
a. LEO, continue the ISS as long as there are reasons to do research there. Rent it out as needed to private companies. The Hubble is the model. If there is a need for the ISS it will be maintained indefinitely. The ISS is modular. As one module goes bad, it can be replaced. Of note, Russia is ALREADY building the modules needed to link to IT's portion of the ISS that will be detached in a few years. Letting that go forward and de orbitting the ISS would be a waste.
b. La Grange points - if folks want to go then set up a space station there.
c. The Moon - ditto. The W reasons for going were false. It was a China moon race reaction. That said, folks DO want to go. The US does NOT have to fund all of it since tourists DO want to go. The research will come along, and perhaps be a huge portion of the traffic. Moon bases SHOULD be UNDERGROUND, and probably in a cave or crater. Just think if the tourist concept had been in the minds of folks in the late 60's. The space industry would be MUCH bigger now.
d. From what I understand, we do not have the technology to get someone to deep space safely. I would do research into that problem, along with the other needed technologies. It seems to me that MULTIPLE launches would allow you to assemble the needed vessel, but net, net, it would HAVE to be HUGE.
e. Exotic propulsion - We need this, it needs to be funded.
f. LEO debris must be solved. The research into this MUST be taken to a usable platform in the not too distant future. This technology is by definition, anti satellite technology. That is an interesting topic, but well, we need to get rid of the LEO debris.
The future of the US and the world in space is bright. THIS is the SECOND SPACE RACE. THE US will participate, but in a different way. Point to point suborbital travel alone will lead to more jobs then the current space industry. Albeit many of the jobs will be airline type jobs.