A Picture Is Worth $300 Billion

I blogged this morning that the research shows higher public school spending slows the economy, and explained that this is because spending more on public schools doesn't increase students' academic performance. Some readers no doubt find that hard to accept. With them in mind, I present the following chart:

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Spending vs. Achievement[/caption]

If public schools had merely maintained the level of productivity they exhibited in 1970, Americans would enjoy a permanent $300 billion annual tax cut. Now THAT would stimulate economic growth.