Whither public education?

Noam Chomsky, the iconic intellectual and thinker, recently delivered a speech on public education in US, with insights and wisdom expected of him.

What they are doing to the public education system is going to undermine the economy that relies on a skilled work force and creative innovation, Silicon Valley and so on. Well, apart from the enormous human cost of depriving most people of decent educational opportunities, these policies undermine the U.S. competitive capacity. That’s very harmful to the mass of the population, but it doesn’t matter to the tiny percent of concentrated wealth and power. In fact, in the years since the Pell Memorandum, we’ve entered into a new stage in state capitalism in which the future just doesn’t amount to much. Profit comes increasingly from financial manipulations. The corporate policies are geared toward the short-term profit, and that reduces the concern for loyalty to a firm over a longer stretch.