They had something like this in the Netherlands during the 80s. Basically everyone was out of a job back then so it didn't really matter. Worst recession since 1929.
Artists had to make a buch of art which was then given to the government. The state ended up with entire warehouses filled with crap.
Oddly enough I have just finished making the same observation and used the word 'crap' to describe the result, without even seeing your comment.
Sounds a bit like if the state invested in startups … hm wait.
I have a feeling that this art will end up all over the walls.
There was also the WPA program in the USA:
https://en.wikipedia.org/wiki/Works_Progress_Administration
The work also included infrastructure projects, and often would create public art to decorate the infrastructure. That is why you'll see far more decorative work when looking at bridges from that era, for example.