This study compares the overall spending trends and patterns of growth of Academic Libraries with Public Libraries, K-12 schools, higher education institutions, and hospitals in the period of 1998 to 2008. Academic Libraries, while showing a growth of 13% over inflation for the period, far underperformed the growth of the other public institutions in the study. Academic Libraries lost nearly 25% of their share of higher education total spending, suggesting a shift in higher education priorities. Academic and Public Libraries are shown to have very different investment and spending priorities with Academic Libraries as a group reducing staff and investing in their collections, while Public Libraries have expanded their staff and services significantly, but not collections. Patterns of spending and investment differ markedly for Academic Libraries by size of institution, while size of library or community is not a differentiating determinant for staff or services growth. (Contains 7 figures and 6 tables.)