When I saw “Sweeney Todd” at the Overture Center recently, I was enamored by the timeless Sondheim medleys. But my eyes occasionally scanned to the rows and rows of empty seats. If you doubt there’s a recession on, see a show at the Overture.

It’s becoming more certain every day that Overture will be one major casualty of this recession. Programming cuts are inevitable. Last year’s operating deficit was nearly $1 million, on top of construction debt — a $28 million deficit Mayor Dave Cieslewicz does not want displaced to taxpayers. Overture’s founder, Jerome Frautschi, has reportedly pledged up to $5 million, but more private donors are needed. Aside from last January’s groveling, ownership has remained secretive about how merciful the banks are. A 2009-10 season is planned, but there remains the looming sense of a well waiting to go dry.

Already the fiscal hawks are shouting to let Overture fail. Many Madisonians don’t really seem to care about the building’s future. The online comments sections of local newspapers are replete with dismissive language. Have these naysayers been to the same place I have? Overture is a stunning arts palace without which State Street would not be the same. However a rescue is commandeered, it should be non-negotiable.

However, taxpayers should not suffer for the Madison Cultural Arts District’s financial blunders. MCAD should not have permitted so much debt to coagulate. All involved in that decision, including City Council members, should be kicking themselves. Mayor Dave was correct to balk at last January’s offer to purchase Overture for “$1.”

But it’s not exactly MCAD’s or the City Council’s fault Overture’s trust funds bit the bullet. Sure, it would have been prudent to pay construction costs while funds were secure. Yet over the past decade, the elites presiding over Wall Street turned our financial markets into the most cryptic, confusing casino around. If you hadn’t known about derivatives markets or credit default swaps or subprime mortgage misuse, you might be excused for delaying debt payment to invest further. No matter who you blame, what matters is where we go from here.

The City of Madison, in addition to our current financial stake, must help ensure the continued viability of our major cultural and tourist attraction. So what do we do now? Here are a few thoughts:

1) MCAD and the City Council should be transparent about Overture’s financial negotiations. Meetings on Overture should be open to the public. The public will remain aloof and apathetic otherwise. The city should form ad hoc brainstorming committees.

2) Private donors should be sought aggressively. This cannot simply entail Overture pleading with Jerome Frautschi to drain his coffers further. Rather, concerned citizens should make intelligent, thoughtful appeals to affluent businesses and arts lovers throughout Wisconsin. Someone has the funds to spare to put this problem behind us. And this is the season of bailouts…

3) Madison is not alone here. Many U.S. cities are witnessing the financial declines of their major arts centers, and we should reach out to each other. Our leaders should inquire how other cities are dealing with similar problems — how financial deficits are being negotiated, whether taxpayers are accepting modest temporary increases and what business models are being adopting to survive shortfall.

4) And finally, Madison residents — especially students — should start patronizing Overture again. Go see “The Lion King” next year. Go twice. Pay full price; don’t wait until fifteen minutes before curtain for the recession discount. Recessions end when people start spending, damn it. You will not enjoy having to drive to Milwaukee or Chicago again for a Broadway show. This matters, guys.

Eric Schmidt ([email protected]) is a senior majoring in political science.