We spend more on education than most of the rest of the world, yet our scores and graduation rates are far from the top. People always want to spend more money on education, and if you disagree with them, then you must hate the children.
Here in Minnesota, the total expenditure per child in the public school system is north of $10,000. The local parochial school spends half that per pupil and outputs students who outperform their public school counterparts in almost every subject.
Sure we need big changes in public education but it ain't the funding that's the problem.
EDIT: Just to be clear, even though I think we could spend less on education and still get good results, education spending isn't what's bankrupting us.