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With the economy growing 2.2 percent per year, there's no reason we can't increase school budgets by 2.2 percent per year. If society's total resources were distributed the same now as they was in the recession school year of 2008-2009, education budgets would be 6.6 percent higher now than they were then. And that's in inflation-adjusted dollars.

Instead, school budgets have been slashed in each of the last three school years and they're on track to be slashed again for 2012-2013.

Where has the money gone? In two words: corporate profits.

Last week, the Bureau of Economic analysis released revised estimates for corporate profits in 2009, 2010 and 2011. The news was bad: corporate profits in every year were lower than originally thought, as reported major news outlets like Reuters. Shed a tear for corporate America.

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