The title of this blog post comes from a sobering article TIME magazine ran on June 8, outlining the devastating effects the economic recession is wreaking on arts organizations, their audiences, and their endowments across the country.
Key points in the article included:
- The Great Recession has struck museums and performing-arts groups with a vengeance. No one expects the Federal Government to bail them out.
- Endowments have shrunk everywhere, and sizable budget cuts have been the rule at museums in Atlanta, Baltimore, Denver, Detroit, Indianapolis, Los Angeles, New York, Philadelphia and San Diego.
- In the world of performing arts, the news has been just as bleak. All around the country, orchestras, opera houses, theater troupes and dance companies are cutting salaries, jobs and programs.
- Arts organizations are struggling to stay afloat while suffering steep drops in all three major sources of financial support: ticket revenue, corporate donations and underwriting, and state and local funding.
Read the article in its entirety here: