Education Spending In The US May Not Be Effective

See Losing the Brains Race: America is spending more money on education while producing worse outcomes by Veronique de Rugy at Reason. Excerpts:

"...the U.S. spends the most in the world on education, an average of $91,700 per student in the nine years between the ages of 6 and 15. But the results do not correlate: For instance, we spend one-third more per student than Finland, which consistently ranks near the top in science, reading, and math."

"During the last 40 years, the federal government has spent $1.8 trillion on education, and spending per pupil in the U.S. has tripled in real terms. Government at all levels spent an average of $149,000 on the 13-year education of a high school senior who graduated in 2009, compared to $50,000 (in 2009 dollars) for a 1970 graduate." (this is followed by a graph which shows no improvement in test scores since 1970)

"Federal spending on education (which amounted to 8.3 percent of total public education spending in 2007) is funneled to students through the institutions to which they are tied, largely regardless of student performance. With no need to convince students and parents to stay, schools in most districts lack the incentive to serve student needs or differentiate their product. To make matters worse, this lack of competition continues at the school level, where teacher hiring and firing decisions are stubbornly divorced from student performance, tied instead to funding levels and tenure."