American education is, as always, in a state of crisis. In the past four decades spending per pupil (adjusted for inflation) has gone up 2.6 times, but SAT scores have not budged. Despite the $661 billion a year this country puts into public K–12 education, we are churning out a nation of mediocre graduates ill equipped to meet global competitors. Thousands of teachers are being laid off. Central Falls, R.I. fired all of its high school teachers (half will be hired back); in Kansas City, Mo. half the schools are closing. Reformist politicians in Florida, Colorado, Washington, D.C. and New Jersey are confronting teachers’ unions and the sacred rights of tenure and rising compensation.

Daniel Fisher in Forbes Magazine, “What Educators are Learning From Money Managers”