Why limit what we fund? For some that college educations don't make sense for, help provide them trade school training too. And for those in college, just limiting course to be in engineering and the sciences and not having it with many other topical areas that produce a well rounded and educated society that can think critically screws us in a democracy if people are just trained for jobs, and not on the issues that are important when deciding who should lead this country. That is also a big part of why our state of democracy is in a state of decline, which is why the PTB that favor the 1% have tried to set it up to keep people from getting a college education or the like like we used to have when we had a stronger democratic system.
The artists in our society shouldn't just be the wealthy. Art is the way one communicates what is going on in society just as much as writing books do. And they are both important for society to have a good understanding of what is going on now and later what happened in our history, and to affect change appropriately.