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And as MMCJawa so helpfully points out, we have in effect already performed the educate everybody experiment and it hasn't shown obvious positive benefits on the whole.
No we haven't. What we have found out is that on the whole, the higher the grade of education completed, the better off the individual is.
In Westeren countries which do offer expanded secondary education, the average worker there is generally in much better shape than the average American worker here. Among other things, they're less likely to vote against their own interests.
Every relevant statistic that can be called up. suggests that overall raising the general education of American citizens is a GOOD thing overall. If that makes some folks cry that their education is less special because it's now less exclusive, I've got buckets for all of them.