Assuming that basics such as supplies and textbooks are covered no amount of spending is going to make up for the fact that some children simply do not have an adult in their lives who is interested in seeing them do well in school and get ahead. This is why mentoring programs are so important, imo.
I agree. We've been spending more and more on education for quite some time. Here in California, about 40% of the total state budget goes to K-12 education. If you include higher education, that number goes to over 50%. From what I understand, most states are similar. We are spending plenty on education, but there are still many kids who don't succeed. There is plenty of money, but a lot of it is wasted.
Saying that, I think you pointed out the real problem. Until that is fixed, no amount of money will significantly improve education. That problem is simply the bad attitude of many students. Too many students don't think education is important because they've never been taught that by the adults in their life. In many cases, that's because either the parents aren't involved in their children's lives enough, or because the parents don't value education themselves. Compounding the problem is that kids today are so used to being entertained that they can't pay attention in school unless it's fun. The work required to learn well often isn't fun. Unfortunately, this isn't something that the government can fix. No program or money can make parents a better example for their children. This problem won't go away until people begin to fix the problem themselves.