A six-figure bake sale (if I grant that it happened) is probably 1% of the school's budget (at a school of 1000 in CA, or 500 in NY). I always thought such things existed more as social occasions for parents to get to know teachers and v-v, in a more co-operative context than parent-teacher evenings.
"PTA at a well-off school might raise a million dollars or more to pay for additional teachers’ salaries, band or orchestra instruments, a new library, iPads for classrooms, field trips, or other initiatives."
"I later learned that most of the shiny extras (and even some full-time aides and specialty subject teachers) at the other schools were funded by PTAs with budgets in the six and seven figures. Our school’s PTA had less than a thousand dollars in the bank."
But it would be interesting to know if there are more systematic figures anywhere, that apply to cities not containing Wall Street.
[1] https://cdn.americanprogress.org/content/uploads/2017/04/180...
When a PTA can afford to pay for extras that the school doesn't or can't (e.g. extra art & music teachers, computer labs, playground monitors, etc.), a student's quality of life at such public schools is generally objectively better compared to students at public schools without the extra budget. The year-over-year budget boosts are profound.
And this is the top fraction of 1% of public schools. The merely top-20% schools, nice suburbs far away from wall street, they raise a fraction of this. I don't think it can explain very much of what's different there compared to the bottom-20% schools across town.
I agree with your overall premise, there was no need to make up a story around it.
A more grounded example of this behavior is well off parents buying their child's quota of items that are meant to be sold door to door out of a catalog to raise money. I don't know the name of this type of fundraising but this is a behavior I have witnessed many times. Parents buying overpriced crap out of a catalog so that their kid gets the extra credit and other perks offered by the school in exchange for this.