You’re only half right. Public school funding has not been cut over and over. We spend more and more to achieve less and less, while the curriculum is destroyed, and teaching methods degrade.

The goal has shifted to equality of outcomes, not equality in inputs / resources. The least capable are lavished with the greatest resources while the most capable are ignored and held back.

I think this is based on the fundamentally flawed assumption that every human is equally capable given the same opportunities and resources, and somehow the school district is the place to compensate for perceived “equity” gaps.

I’d expect the macro level effect is a dumbing down of society to the least common denominator. Or to put it another way, the bottom half of IQ adolescents may do marginally better in the next 30 years in terms of quantifiable contributions to society such as lifetime earnings or degrees obtained or patents filed, etc., whereas the top half of IQ adolescents will do dramatically worse.