Today, August 4, 2011, the world’s stock markets are crumbling. The Dow will end the day with a losing streak of nine consecutive days, a feat not seen since February 22, 1978, when Jimmy Carter was President. Back on January 25th, 2011, President Barack Obama delivered his State of the Union Address and said the economy was growing and the “stock market has come roaring back.”
Obama: “We are poised for progress. Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again.”
For decades, throwing money at education has been the cure-du-jour for America’s educational ills. In 1979, the Democrat controlled Congress passed the Department of Education Organization Act establishing a Cabinet-level department for education in the federal government. President Jimmy Carter, America’s greatest one-term President, signed the legislation into law and the U.S. Department of Education (ED) began operating the following year, in 1980.
For its first year in operation, Congress appropriated $14 billion to the new bureaucratic entity. Nearly 30 years later, the budget ballooned to $68.6 billion (2008 appropriations), a 390% increase in federal spending. Overall, appropriators have spent over $1 trillion of taxpayer money through ED alone. This figure does not include local and state spending, just the federal portion.