Imagine the what our government will do when no one can translate the constitution
My wife, a history major, has made that observation as well. There are many historical documents which require the ability to read in cursive in order to grasp their meaning. Letters from Revolutionary or Civil war soldiers to their families, or from elected representatives to constituents provide valuable insight into their lives and the events of the time.
As a teacher, my wife has also mentioned that learning cursive teaches hand-eye coordination and improves fine motor skills. It may not be as useful today with the presence of keyboard, but there are still advantages to learning it.