Finance writer Felix Salmon, writing in the July-August issue of The Atlantic, proposes that we create good jobs and reinvigorate the economy by beefing up funding for the arts. It’ll put creative people to work, stimulate spending, and enhance our culture:
If the Obama administration is serious about stimulating the economy and creating as many new jobs as possible, one choice is clear: it should announce a massive increase in federal arts funding. Artists are among the very poorest citizens. When they get cash, they spend it both quickly and carefully. That’s not what most recipients of federal largesse do, but it happens to be exactly what economists look for in any stimulus package. Arts spending is fantastic at creating employment: for every $30,000 or so spent on the arts, one more person gets a job, compared with about $1 million if you’re building a road or hospital.
It’s a refreshing, enriching alternative to the bailout craze that has gripped us since September.
For Salmon’s short article, “Pay the Artists”: http://www.theatlantic.com/doc/200907/ideas-artists. It’s part of a package of short features collectively titled “15 Ways to Fix the World,” well worth a look: http://www.theatlantic.com/doc/200907/ideas-index.
