Enormous federal and state spending on what, by whom, directed by whom, for whose financial benefit?
The results of the experiment aren't clear at all. Increased spending as was done here hasn't had good results. That's not an argument against spending, it's an argument for understanding why it didn't work, and what could be done about it.
We have data on this too. If, instead of spending at large, you look at spending on any specific thing (school lunches, after school classes, teacher wages, materials, classroom aids, electronic equipment, facilities, etc), you find the exact same thing: nothing we have tried so far has made any significant difference. The proponents of increased school spendings are completely blind to empirics, and their only answer to that is “we just need to spend even more”.