Stop subsidizing the education of lawyers, business majors, political science majors, and psychology majors.
Here, here! If we would favor those professions that actually contribute to the well-being of the country, we would be in much better shape. Yes, there are good lawyers, business major, etc., who do contribute, but a lot of those degrees are awarded to leeches on society.
At the risk of inviting additional flames, I'd like to see more emphasis in grades 1-12 on math and science and educating our most gifted students and less emphasis on bilingual, remedial, and special education. Yes, I think we should educate all of our children. The problem is that a disproportionate amount is spent in places where it will never pay off. In my district, the single biggest line item is for bilingual services. Imagine if that money were spent on chem labs, etc. In fact, just using it to reduce class size would go a LONG way toward helping ALL kids.