Maybe, but that is not a reason to not do the research.
You obviously do not believe embryos to be human beings.
Since you don't, you're not going to get concurrence from those of us who believe they are.
Bush is only cutting off federal funding for this research. You are free to fund as much of this as your checkbook will allow.
From what I've read, umbilical/placental stem cells appear to have the same promise as embryonic ones, in addition to being inherently "genetically pre-screened" and being available in more usable quantities than embryonic ones.
To me those factors would suggest that research in that direction would be more useful than research with embryonic stem cells. Am I wrong in my thinking somewhere?