There's a great article over at VOX by Claudia Goldin and Lawrence Katz: "Education and Technology: Supply, Demand and Income Inequality".
Once again we see that educational attainment is the key to growth and development. The authors of this article highlight the impact on income distributions. Drew's comment on the last post is spot-on. Taking money away from education in the short run will likely turn out to be a huge mistake in the long run.