Declining Education Spending

Via Paul Krugman, Manny Fernandez writes about the effects of budget cuts for schools in Texas.

Table 3.15.6 of the National Income and Product Accounts ala BEA provides information on Real Government Consumption Expenditures and Gross Investment by Function showing education spending (in 2005$) from 2003 to 2010. Our chart shows real education spending, which unfortunately has been declining since 2008. The vast majority of this spending comes from state and local government and the declines have been across the board: elementary/secondary spending, spending on higher education, and spending on libraries. No – we can’t blame the unions for the Herbert Hoover style fiscal policies of many of our state and local governments.