Time for Big Cuts in Education Spending?

Hans Bader:

America spends far more on education than countries like Germany, Japan, Australia, Ireland, and Italy, both as a percentage of its economy, and in absolute terms. Yet despite this lavish government support for education, college tuition in the U.S. is skyrocketing, reaching levels of $50,000 or more a year at some colleges, and colleges are effectively rewarded for increasing tuition by mushrooming federal financial-aid spending. Americans can’t read or do math as well as the Japanese, even though America spends way more (half again more) on education than Japan does, as a percentage of income, according to the CIA World Fact Book.
In light of this, it is easy to see why some education experts like Neal McCluskey are floating the idea of “draconian education cuts” to shake up a rotten educational establishment.