I think a lot of states have more money for education than they realize.
When you have public schools with top heavy bureaucrats pulling 6 figures, situations where some public schools have multiple principals, vice-principals, and administrators in the same school, committees which force textbook updates frequently, even if the information doesn’t change (e.g. algebra, phonics, life science, spelling, etc.), extra-curricular activities which have nothing to do with the core education mission (diversity days, LBGTQ clubs, etc.), and legislators who promise some new features (e.g. lottery) will be earmarked for schools while raiding that same fund for other projects, the waste in time, resources and money is tremendous.
Add to that onerous requirements for new teachers – some states have programs to fast track retired professionals into teaching which is great – and in some states an over-emphasis on sports to the exclusion of the main educational requirements, plus the inability to separate disruptive children from the school and being forced in some instances to provide 3 meals a day for low-income/illegal children and the problem compounds.
Personally, I think the Federal government should get out of education completely. The Department of Education should be a small blue-ribbon panel, meeting every few years or so, commissioned by Congress under Article I Section 8 (establish weights and measures) to develop a minimum acceptable curriculum for students K-12 outlining the core competency areas and skills that students should know by graduation.
Then let the States decide how to implement it. The only rule is you have to meet the minimum curriculum. Any State who wants to attract businesses and residents will be compelled to exceed that standard to compete. Let the states handle all funding and administration. We should be encouraged to look to our States for solutions, and not to the Federal Government.