Absolutely! But this problem is self-imposed by political correctness....
The self-esteem of, "remedial" kids..keeps them in classes with brighter children..the self-esteem of language-challenged students..keeps them in classes with well-spoken children..the self-esteem of thugs who could not care less about their future keeps them in classes with those who wish to support themselves when they graduate..the self-esteem of the physically handicapped keeps them in classes with non-handicapped-their "special needs" requires constant teacher or aid attention to physical, not mental needs
Remove these impediments..put them in classes for such things (like in the old days) and the dumbing down problem would be solved.
What conservatives should remember about NCLB is that 80% of the people in prison can't read!! If you force 3rd and 8th graders to read at grad level it is possible to reduce the prison population. Ask Chuck Colson how many reading programs are needed. Is the price of education the reduction of crime a worthy goal? Colleges are full of more kids that ever, that is not a sign of a poor education system.
The USA still exports more high tech and manufactured goods than any country in the world - that means that some of these high school kids are still doing the job.