Word: detroiter
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...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...
...ticket or concert seat can seem like an indulgence. Meanwhile, with corporate profits 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...
...there such a thing as a homogeneous city - which helps to account for the Detroit metro area's (relatively) spend-happy ways. Acxiom figures that some 64% of people in Oakland County, Michigan, home to Chrysler headquarters, fall into demographic groups that are more likely to spend. In neighboring Lapeer County, that percentage is 41%. The national picture reflects the same lumpiness. In other words, there are plenty of people in the Rust Belt with tightened purse strings, just as you would expect - but in the aggregate, other pockets of the country have pulled back more. And while there...
...instance, which city do you think has a greater percentage of people who are more likely to be shopping right now: Detroit or Birmingham, Ala.? Detroit, home of the bankrupt auto industry, or Birmingham, the decently moneyed Sunbelt metropolis? The answer: Detroit...
...unions, management, civic leaders and just about everyone else in Michigan mismanage the postwar years? Of course. But the real point about Detroit is not that it fell so far, but that it once rose so high. Its economic success during World War II and the immediate aftermath was a freak of geopolitics. With most of the rest of the world (including some regions that were as technologically advanced as Michigan) consumed by war, only the U.S. and Canada were able to develop the high-tech industries of scale that were needed to fight the Axis powers. So successful were...