Journalism is a public good. As a society, we all benefit from quality news and information. But like many public goods, journalism has always been heavily subsidized. The subsidy model that prevailed for the past century — advertising-supported journalism — appears to be dying. If current trends continue, America could soon embark on an unprecedented social experiment by becoming the first advanced democracy to leave wide sectors of society and entire geographic regions without a fully functional, professional press. We are venturing into uncharted territory.