If you want a good example of what's wrong with the US space program, take a good look at the Space Launch System rocket NASA is developing. In 2011, NASA estimated the cost of developing this human-rated, heavy-lift vehicle, along with the Orion crew capsule and launch facility upgrades, at $18 billion through 2017. The latest estimate by NASA pegs the development cost for SLS/Orion at between $19 billion and $22 billion through 2021. Almost everyone in the space industry understands that this is an extremely disingenuous low-ball estimate.

If you look at the number of satellites being launched to earth orbit over the past decade, there has been consistent growth. In 2004, a total of 76 satellites were launched (or attempted). In 2013, there were 215. That is almost a tripling of the market. But these numbers are deceptive. Here's why. In 2004, only 17% of the satellites that went up had a mass of 100 kilograms or less. In 2005, it was 11%. Last year, about half of the satellites weighed 100 kg or less.