I think the biggest argument for not teaching cursive anymore is time. Sure it has nostalgic and artistic value and is fast or whatever, but as children are expected to be taught more and more each year there simply isn't enough time to cover cursive, too. Already many teachers are upset that they are unable to cover subjects in as much depth as they would like, especially in subjects such as math and science which will only grow in importance in the coming years. With standardized testing becoming more common in many places teachers also have to be sure that students are learning whatever is on the test, which typically does not include cursive, and often find that they have no time leftover to teach anything else.

Children can only learn so much in a given time period. If they were taught every skill just because some people found them useful and didn't want them to die out them they would only have a very shallow understanding of most subjects destined to be forgotten the next year when they have to learn something else.