Word: budgets
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Dates: during 2000-2009
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...largest and wealthiest art museum is in no danger of disappearing. But having watched its mighty endowment shrink last year from $2.9 billion to $2.1 billion, its administrators decided a few months ago to cut staff 10%. The Met is not alone. Endowments have shrunk everywhere, and sizable budget cuts have been the rule at museums in Atlanta, Baltimore, Denver, Detroit, Indianapolis, Los Angeles, Philadelphia and San Diego. In February the 35-year-old Las Vegas Art Museum simply gave up and shut its doors for good...
...tanking and charitable endowments badly deflated, donations and underwriting have also been drying up. And as state and local governments contend with huge deficits, arts spending has been a major casualty. In Michigan, where the struggling Detroit Institute of Arts recently laid off 20% of its staff, the 2010 budget proposed by Governor Jennifer Granholm would cut arts funding to exactly nothing...
Finding ways to tweak the revenue stream is not as simple as raising prices. For instance, for most museums that charge admission, fees at the door account for less than 10% of annual income, so hiking ticket prices doesn't do much to close a budget gap. And because many museums benefit from taxpayer support, any attempt to charge more can turn into a battle over the right of the public to have affordable access to a place it subsidizes...
...nation already deeply in debt afford health-care reform too? This question has not gotten nearly the amount of discussion that the public option has, but it's likely to be far more difficult to resolve. That's because under the budget rules, any plan that Congress passes will have to pay for itself within 11 years without adding to the deficit. Passing muster with government bean counters is not the same thing as writing sound health-care policy. While many health-care-reform moves promise big savings in the future for the larger economy, they will require huge...
...Still, there’s more. A unified Democratic government passed a partisan $787 billion stimulus bill and another $410 billion spending bill. After promising to end the Republican tenure of pork-barrel spending, these massive bills included titanic lists of pork projects. The projected budget deficit for the fiscal year 2009 grew to $1.8 trillion, or a shocking and nearly unprecedented 12.3 percent of our gross domestic product. They then proceeded to pass a new record-breaking $3.6 trillion budget for the upcoming year...