That is true, but be careful lumping the US Navy in with the Missile Defense Agency, particularly in regards to funding. The Missile Defense Agency (MDA)has had over 200 billion thrown its way to get where it is (or isn't) today, while the US Navy will have spent less than 13 billion by FY13 to get to a comparatively substantial capability of 18 ships for ballistic missile defense. Ironically, some of that money is Navy money, not the MDA money. The MDA has given barely 4% of its total budget to date to the Navy for AEGIS ABM defense.The Pentagon just says things like its "needed for ballistic missile defense" to justify spending billions of dollars on ONE ship. They do perform other tasks as well. Not just BMD.
Ballistic Missile Defense is an important capability, and the lack of BMD is a strategic weakness of the US. The Navy to date is by far and away the most credible agency in addressing the requirement. Compared what is being thrown into projects like THAAD, X-Radar, and KEI ideas the AEGIS solution is cheap, and would still be cheap if the DoD built all 5 of these ships.
I think you are right on to point to waste, but I think you should point your finger in the right direction. If you are against wasteful spending and for ballistic missile defense, your only logical response is to advocate for the Navy solutions, which ironically, include this CGN(X) monster.