Uh, most research programs lead to very many dead ends. If that was an a reason to not perform the research then we would not have airplanes or electric lights.
When has a human spinal cord injury been effectively treated using any product of "adult stem cell research"? They can partially repair a rat using embryonic stem cells but that's a long way from treating a human. The only information I can find about the use of stem cells in the treatment of human spinal injuries is a statement that there _might_ be a clinical trial using embryonic stem cells some time next year.
You have that one backwards, knowledge of the existence of adult stem cells came out of research into why bone marrow transplants were effective in treating leukemia.
One person was treated, got better for a while, then his symptoms returned. I find it telling that that experiment was not repeated.
Are we so poor as a nation that we cannot do both? The US spends less than 5 percent of the Federal budget on scientific research and about half of that is military research.