I wrote an article on here talking about much the same issue a while back re: Secretary De Vos. Allowing free market principles take hold in education will lead to a de facto caste system: poor families will send their kids to poorer schools to receive lower quality educations that will lead to them likely being poor adults, while the same happens for the rich. Sure, a handful will manage to overcome bad circumstances and achieve great things, and a handful born to opulence will squander it, but by and large, your life will be determined more by who your parents are than by your abilities.
And it’s a paradox that isn’t going away, because even the conscientious rich can be hypocrites on this issue. Ask most people about how the education system should function, and most will say that they want our education to function as a meritocracy: that the most talented students should be given the best education, since we’re likely to be better off as a society if the most capable people are prepared as well as possible to fill society’s most important roles. But when a parent has a child who isn’t in the proverbial “best and brightest” group, but that parent has the means to nevertheless ensure a quality education for their son or daughter, most will do so. Everyone wants the high-achieving minority student from the inner cities to go to the college of their dreams… so long as he or she doesn’t take the spot away from them or their loved one.