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Constance and I were so unhappy with the education our sons were getting (we tried both private and public schools) that we pulled them out to prepare them for college ourselves.
I think that the pay for US teachers is insufficient to attract enough good teachers to educate our kids. Part of the reason for that is a negative attitude toward "book-learning" present in the US culture.
I can remember when George Wallace got votes by ridiculing "pointuh-headed perfessors" and even today people who really know a subject are called "elitists." Fundamentalists take action to stop the teaching of science because science undermines superstitious beliefs.
Although it's good that Obama is taking action to beef up education in the US, I think that he (and everyone else who values education) will have to work hard to change the attitudes that have allowed this decline to happen.