September 9, 2009 11:52AM 

# A Picture Is Worth $300 Billion 

By [Andrew J. Coulson](https://www.cato.org/people/andrew-coulson) 

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I blogged this morning that the research shows [higher public school spending slows the economy](https://www.cato.org/2009/09/09/research-shows-100-billion-ed-stimulus-likely-hurting-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:

\[caption align=“aligncenter”\]

![Spending vs. Achievement](/sites/cato.org/files/styles/pubs_2x/public/download-remote-images/www.cato.org/172395922072/200909_blog_coulson1.jpg?itok=pzWuIawp) 

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.

##### Related Tags 

[Education](https://www.cato.org/education), [Center for Educational Freedom](https://www.cato.org/center-educational-freedom) 

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