NPR's Planet Money blog created the following graphic that illustrates the combined federal, state, and local government per student cost per year of public school:
Here's a map I created that uses SAT scores.
Some states require students to take the ACT or the SAT so I recreated the map using ACT scores.
Perhaps a compromise is in order. Here's the average of each state's ACT and SAT ranking.
I could say that spending more on students means better educated students that do better on college entrance exams and get into better universities, but then I'd be like Fox News and knowingly lie to make a political point.