However, I still think the public education system is one of the few things keeping chaos from breaking out. Consider the 80/20 rule the first 20% of public school money provides the vast majority of the benefit after that it's far more expensive the keep things moving. School could be year round with 3 cycles of children, and each child going every other year and we would spend far less money and still get most of the benefit from teaching reading, writing, basic arithmetic, basic heath etc. Or we could have vouchers and mandatory testing etc. But, removing any from of public school system would be a bad idea.
PS: The real question is always what point do diminishing returns kill the gain. I think we could double the amount of money we spend on education and still come out ahead.