The US spends the 5th most in the world on education per-pupil: https://nces.ed.gov/programs/coe/indicator/cmd/education-exp...

They even spend the most on minorities: "Black and Latinx total per pupil expenditures exceed White total per pupil expenditures by $229.53 and $126.15, respectively" - https://journals.sagepub.com/doi/full/10.1177/23328584198724... (see Table 1 for details)

(I admit I don't understand the deep wisdom behind presenting absolute differences in amounts, and omitting the amounts themselves, but from the rest of that article, and from the 1st link, we can see that per-pupil spending is in the $10k+ range, so a difference of $200 is negligible. In other words, it would be unfair to call Black and Latinx students privileged because of this.)

Whatever the reason for the sorry state of US education, lack of funding isn't it.