Whitney Tilson: “This year, the city will spend $40 billion on schools.”

“But do you feel like they're getting a million dollar education? Me neither. So what are we spending it on? Not lunches, not facilities, not school supplies. This year, the city will spend $40 billion on schools. More than $40,000 a kid. Yet for a fraction of the money, Mississippi is teaching its students to read at a higher level than ours. What a total failure.” (00:16–00:21)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.