People have already addressed this falsehood.
As I hinted at in another comment, more money for education doesn't help if the culture doesn't value it. And largely, US culture does not value a good education.[2] Or more precisely, not possessing what many other countries consider "basic skills" is quite acceptable here.
Case in point: I've spent time in a poor country with terrible education. Over there, if you were slow doing arithmetic on paper (multiplication, division, etc), everyone considered you to be an idiot. Because of that, even mediocre students who merely graduated high school and didn't go to college have those skills.
Over here, you have Verizon Math.[1] After that crazy episode, I've seen this problem. And it's not just that interchanging dollars and cents is a custom, a lot of people genuinely don't understand the issue. I've been to yard sales where things are advertised as 0.25 cents, and asked them about it. I was expecting a response like "Yeah, yeah, it's sloppy but everyone knows what it means." Instead I got genuine confusion.
Verizon Math isn't an isolated quirk. If you come from any of these countries to the US, much of the US population will appear to be idiots to you (rightly or wrongly).
In one of my jobs, we had a bunch of Russian and other East European coworkers. They were appalled by all of this and started working on after-school tutoring activities for their kids. Because they came from a culture that viewed a lack of certain skills as "being idiots", they were really concerned that their kids would grow up to become idiots like the rest of the Americans.
My point isn't that one should know basic arithmetic. There are plenty of legitimate arguments to say it's OK not to.
What my point is that there is no baseline knowledge level in the US where being below it is socially problematic. Because of that, there is no peer pressure to retain the knowledge they learn in school. It's OK not to know how many days are in a year.
I used to tutor 3-5th grade students, and after I realized this, I gave up. The kids didn't need help understanding the material. They already did. They just didn't see a need to retain it. If their friends don't value the knowledge, and their parents don't value the knowledge, there's little I can do to help them.
[1] https://verizonmath.blogspot.com/
[2] The good education is there for the few who value it. But the rest of the population doesn't benefit from it.