This is what the Library of Congress has been doing for at least a decade...except that it also stores the originals where possible. It is the largest library in the world in terms of physical documents (over 167 million physical documents) and one of the largest in terms of digital copies.

And not just of American works, but works from all around the globe.

I propose that the barrier to a citizen advocating for their government to support the Internet Archive and its endeavors is exceedingly low (through grants and other patronage mechanisms), and the only resource necessary is the time to advocate and perhaps some postage or a mobile phone for calls.

The infrastructure exists (The Archive), it just needs more support to scale for depth (storage) and breadth (distributed web for durability).