IF we FULLY privatize education then only the wealthy will remain in power, and no one will be able to afford DECENT education. I say DECENT because that is what Public Education has been reduced to, We are nowhere near the top http://www.nationalmathandscience.org/solutions/challenges/staying-competitive, we are actually in a TERRIBLE position for the future. Countries like Sweden where kids are being taught computer science and programming from the age of 5! are going to be the future of science and tech. Those are not privatized schools they are Government funded.
America's problem to BEGIN with is that education was made a FOR PROFIT corporation all while being endowed with tax write-offs and MASSIVE sums in the form of Government subsidies, which they in turn Invested into Hedge Funds and Stocks or Bonds, a LOT of schools invested in the sub-prime mess as well. Once we allowed schools to invest and speculate with public funds as though it were a private entity we were screwed.
Getting rid of the ARTS will only further our decline as an educated nation, I for one learned more about mathematics and science, and UNDERSTOOD quite a bit more about the world in general once I learned Music Theory at the age of 8, was taught Piano and Violin for years, then on to Guitar. Still play today 19 years later. How many people still create or use imagination in ANYTHING for that amount of time? I would guess a small percentage, lots of people noodle and pick up an instrument now and again, but how many of them play hours and hours per day? Get rid of the arts and musical education and you lose alot of the ability to produce a free thinking society, look at Communist China, they do NOT ALLOW freedom of expression with arts like in America, that is where we head without Musical Education and The Arts.
Privatizing education doesn't mean no one could afford it. We could switch to a voucher system and then private schools would compete for the money. It would be run much more efficiently since they would have to do as good a job as possible as inexpensively as possible.
As for art, the government spending itself into bankruptcy because it is paying for things it shouldn't be paying for at all doesn't make us a more enlightened society, it makes us stupid. Just because the government doesn't pay for something doesn't mean it will cease to exist, and if it does then it probably wasn't worth keeping anyway. People who want to subsidize art should do so, they shouldn't use the government to steal and borrow away their children's future to make it happen.