While art is essential to any modern culture, you cannot build an country's economy off the creation and trade of paintings. Besides, isn't art a product of creativity - an attribute that cannot be taught? Colleges should exist to enable creativity with the technical skills to implement it. If money is a problem, prioritize practical skills over arts.
"The Arts" - the Liberal Arts, not just "Art". But if you want to talk about art,
> isn't art a product of creativity - an attribute that cannot be taught?
Background: I went to art school. Why would creativity be something that's unteachable? It's a mode of thinking, just like any other. Every talent needs to be practiced, trained, enhanced; people need their ideas challenged, and a safe space to develop. I see little difference in this respect between art and engineering.
Saying that creativity is just an innate property of, "artistic" people is discounting the work involved in the development of someone that is creating the things you are taking for granted.