So I got curious as to whom we actually do honor here in the arts.

See http://www.nea.gov/honors/medals/index.html
The National Endowment for the Arts' Lifetime Honors provides
The National Medal of Arts. It is awarded by the President of the United States to individuals or groups who, in his judgment, "...are deserving of special recognition by reason of their outstanding contributions to the excellence, growth, support and availability of the arts in the United States."

As far as I see, all folkists honored are:

1999 - Odetta - singer, music historian
1998 - Ramblin' Jack Elliott - folk singer, songwriter
1997 - Doc Watson - bluegrass guitarist, vocalist
1994 - Harry Belafonte - singer, actor
1994 (also) - Pete Seeger - composer, lyricist, vocalist, banjo player
1993 - Bess Lomax Hawes - folklorist
1992 - Earl Scruggs - banjo player
1986 - Alan Lomax - folklorist, scholar

The Medal was first given in 1985. A previou President's Committee on the Arts medal, 1983 only, did not honor any folkists.

Not too bad, overall but I'd add a few, myself