As a previous public school teacher for 18 years, I can testify that public schools (at least in Texas) are headed in the wrong direction because of the emphasis on the state testing scores, especially in large school districts. I've told my own children multiple times that they must be prepared to homeschool or send their children to private schools.
As for college degrees, the degrees should be valued the same as real estate. What's the Return on Investment? Think about it like this...some kids are going into debt at $100,000 for a 4- or 6-year degree that doesn't even guarantee them a job. I know several art and psychology majors who didn't use those degrees in there field of work or don't make much money to live on. Some of these degrees need to be strictly online, and cut the cost of all the fees associated with going to college (recreation center, parking passes, library pass, etc.) There are junior colleges that you could pay for in cash, and immediately be making money at the age of 20 for $50,000-$100,000 (air traffic controller, radiation therapist, dental hygienist, etc.) Trade schools need to be emphasized. When I hire a plumber, a mechanic or an electrician, they are rarely under 45 years old, and many are into their 60's.
I guess all this to say, yes, education needs a major overhaul, and it's highly unlikely that it will be coming from our government officials.