Money not the problem.
According to the census, there are about 61 million Americans between 5 and 18 years old.
Assuming the $373 billion figure, and assuming every last one of these kids goes to a public school, we are spending about $6,000 per student on education.
The average tuition for private schools in 2000 was $3,267.
Whatever is wrong with our nationalized education system, it isn't because we're not spending enough money. Maybe we need an education system where politics takes a back seat to teaching children.