No, because it's not just increased education spending that creates better educated students. Buying iPads for everyone in the school will accomplish nothing. Spending money on a giant football field is worthless.
That money has to be spent on:
(1) Small class sizes
--- Case Studies: http://www.classsizematters.or...
-- Decreasing class sizes while keeping the same student population requires more classrooms and more teachers.
(2) Climate Control
--- Research: http://healthyschools.cefpi.or...
-- Ensuring sufficient climate control in classrooms requires permission to expend resources on the use of A/C and heaters and, in many cases, the actual installation of HVAC systems.
(3) Sufficient school supplies
--- Research: Not handy, but it's fairly common sense that if your school can't afford to make copies of worksheets, those worksheets cannot be completed. Then, of course, there's paper, pencils, etc.
(4) Passionate teachers and their retention
-- This does not necessarily mean "pay teachers more". It means choosing teachers better and ignoring those who are in Teach for America for 3 years so they can pad their law school applications.
-- Good, committed teachers are worth tenure, pension, and reserve fund to pay for substitutes. If you don't give them the financial security required to work hard in bad neighborhoods, they will take their resumes and go to other districts.
(5) After school programs for parents of students
-- 99.99% of the valuable education these students will receive comes from the school, but if the parent's do buy into it, that student will have to *fight* all the ailments of home just to graduate high school. Involve the parents by bringing them to school or visiting home and you'll see the investment stick.