The Maryland Public Policy Institute debunks the myth that increased school spending necessitates higher achievement:
The fact is that the level of education funding has little to do with how well students are taught…..One of the most comprehensive reviews of studies on education funding was done by Dr. Eric Hanushek of Stanford University. He found that only 27% of 163 studies found a statistically significant relationship between an increase in per-pupil funding and student achievement. Of those studies, two-thirds showed an insignificant correlation and the others showed a negative correlation. Another study of Dr. Hanuskek finds that input-based education policies, such as increased funding, don’t produce results unless you change incentives within schools.