Craig Newmark links to this study that shows a large increase in the number of teachers and administrators hired relative to the growth in the number of elementary and secondary school students. Talk that we must throw more money at education is shortsighted and will simply compound the problem.
Here is a previous post of mine from June, 2011 that provides some data I looked at for North Carolina schools from 1998 to 2008.
After controlling for inflation, per pupil spending on public schooling in this state increased more than 125% since 1980. We have nothing to show for it. Between 1998 and 2008, the number of teachers, administrators and professional support staff (i.e., psychologists and consultants) per pupil increased by more than ten, eleven and twelve percent, respectively. Schools have become bloated and cutting their budgets seems reasonable.