More seriously, on the question of funding of libraries to take account of periodical prices, one thing I have learned about this complex problem of pricing is that you do not solve the problem by throwing money at it. We do argue for an adequate share of our institutions' income, including overheads on research grants, but libarary income is only one side of the equation. We have to tackle the whole problem. However, the issue of where money comes from and how it is spent needs to be addressed more fully. Scientific faculty representation on a library committee is a fair representation of the scientific community which pays the library's bills.
Student representation is also helpful.
However, until the non- academic community directly supplies funds for the academic library, they can't expect to be represented in the decision making groups. Increasing the funding of libraries is also a good idea. First, if it's done, these funds had better not be limited to purchases. The cost of a journal is not just the subscription, it is also the cost of the infrastructure needed to make that journal available to the scientist. That would be highly dependent on the support the library has in its institution already.