Royal Decree?

In my history of creativity class we have been discussing major artists, writers scientists, and creative persons from 1500 to about 1700. Many of them had some royal support in their endeavors. Either they were supported by the Catholic church, or by the monarchy of a nation.

It makes me think, what will happen today in our scientific and artistic endeavors with government spending cuts. Will our scientific and technological improvements be hindered ? Can private or public businesses support the artists and scientists that in previous eras were supported by goverment?

What will happen to society one we give up on our creativity?