Between bailouts, stimulus, and existing entitlement programs, our government's been shelling out loads of money, and driving us ever deeper into debt. Somehow, I doubt that public funding for the newspaper industry is a worthy addition to our already unmanageable bill.

My opinion's not unanimous. A recent Wall Street Journal op-ed by Lee Bollinger condoned the idea that "journalism needs government help," pointing out that both the Federal Communications Commission and the Federal Trade Commission are pondering the dwindling news companies' worsening financial condition. Concerned that Americans won't get the information they need, the agencies are considering public funding as one potential solution.

Last year, I wondered whether newspapers might be the next industry deemed too big or "important" to fail. Recent tidings suggested an improving ad market for print media, but news companies aren't out of the woods yet. If the journalistic arms of companies like News Corp. (NYSE: NWS), New York Times (NYSE: NYT), Washington Post (NYSE: WPO), Gannett (NYSE: GCI), and Lee Enterprises (NYSE: LEE) can't draw readers to their content, I'd say they're failing to evolve, or to provide what readers want. (Lee Enterprises might be in a little more trouble than some of its peers, having recently shown up on Forbes' Risk List.)

Granted, it's not impossible for publicly funded news sources do a decent job; I find a lot of NPR content interesting and informative. But it's also useful to point out that NPR gets considerable financial support from listener and corporate donations. Apparently, only about 15.9% of its funding comes from state, local, and federal funds.

 In addition, Bollinger added China's official state news outlet Xinhua to his list of examples -- not exactly my first pick for a shining example of state-sponsored journalism. Check out Xinhua's coverage of issues such as Tibet, and ask yourself: Is that unbiased?

The Internet has given Americans access to more information than they ever had before, and more options for obtaining it. That creates a highly competitive environment for media companies, which must evolve or die. Financially propping up industry losers doesn't turn them into winners; it just gives them no incentive to change or improve.

Public funding for newspapers could prove an extremely inefficient way to use taxpayer money. Investors should also think long and hard about the risks of investing in an industry that's having a hard time surviving on its own.  

Should Uncle Sam fund the fourth estate? Take our poll and editorialize in the comments box below.