Organizations that dwell on where in the lower half of things they should be ranked are doomed to failure. Successful organizations are those that maximize investments in their product. They don't starve their investment opportunities, they feed them. Because they know that these dollars are the best-spent dollars an organization can make. The returns from these investments far outstrip the impact of dollars saved by underfunding their investment opportunities.
Public education is no different.
It's ludicrous to argue where in the bottom half of education investment we are. California is the wealthiest, most successful, and simultaneously one of the most expensive states to live in in the country. Education is our society's research and development department. Educated, motivated kids bring many benefits to our society. Also, most research indicates a strong correlation between low education and anti-social behavior, suggesting that educated kids commit less crime and, by extension, cost us less in terms of our legal and criminal systems.