Schneier has his biases (he tends to assume a highly-competent enemy when the evidence from Michael Sheehan is that Al Qaeda is not such) but I'm inclined to agree. It's a lot of money and hassle spent for little return except a sense of (illusory) security. We would probably be better off without it.
"The presentation or 'gift' of the Holy Ghost simply confers upon a man the right to receive at any time, when he is worthy of it and desires it, the power and light of truth of the Holy Ghost, although he may often be left to his own spirit and judgment." --Joseph F. Smith (manual, p. 69)
"Inasmuch as ye have done it unto one of the least of these my brethren, ye have done it unto me."