According to ED.gov, the total expenditure on education for the 2004-05 school year is $536 billion. Apparently, we need to spend more if we wish to have our children educated enough to hold middle-class manufacturing jobs.
Sadly, I can testify that this is true (I teach math and science) - most of the kids that graduate have no critical thinking skills and little basic knowledge of math, science and English.
They do, however, understand diversity, global warming and that banana/condom thing.
I teach American literature and British literature. Everything you wrote is true. Allow me to add that students can purchase smartphones and pay for the expensive data plans, but can't purchase a seven dollar novel for my extensive To Kill A Mockingbird (sorry don't know how to do italics) unit. We don't have a staff room or lounge, but we do have one staff restroom in which union propaganda is posted. I take my Sharpie with me when I “powder my nose”.