This is our exact reason for homeschooling. When I told the teacher and principal that my first grade son was doing long division and reading fifth grade books I was IGNORED!
I simply could not stand to see my child's life wasted. As the ad says, “A mind is a terrible thing to waste!”
I wish my parents had homeschooled me. While I was only slightly ahead in math (lead growing with age), after the first grade, I was reading from five to six years ahead of grade level. School sucked for me. I used to get really creative in distracting myself from boredom and was getting in trouble for stupid things frequently (like skipping recess to go to the library.)