“Since individuals’ investment in their own education is personally rewarding, you might infer that government investment in society’s education would be socially rewarding. But this is a classic ‘fallacy of composition.’… Yes, schooling is selfishly lucrative—at least for strong students. On a societal level, however, it is shockingly wasteful for students weak and strong. Federal, state, and local government spends far too much money educating Americans.”