Universal education for all children is required in any modern society, and it probably should be funded at least in part by the public. However, in the US, there is a lot of room for private competition and choice.
The current state of the American public education system is a disgrace, and the causes are many (state governments, teachers' unions, little concern among the people, the politicization of science and history education, etc). Ultimately it will result in a society of unproductive, uncompetitive, illiterate goons, if it is not addressed. In the short term, no big deal. But in the long term, the circumstances could not be more dire.