How much does it take to educate one kid per year?

I have been doing some research on education spending since I have been questioned on some points I have made on other blogs. My points were:

• Bush acts like a liberal in key areas like spending including huge education spending hikes.
• Our education system is not short on money and does not need more. It is full of waste.
• The federal government should get completely out of education because it does not make sense for dollars to go from the states through D.C. back to the states.

When what I thought was obvious came into question, I decided to waste my time to find more details on what I knew to be right. I found some interesting items, but one in particular caught my attention and I have linked in the title. The graph from that link shows per pupil spending trends from 1990-2005 in New York City. Topping off at $14,642 per pupil per year it is ludricrous that liberals complain about education funding at all. How much does it take to educate a single student for one year? Yet the liberals keep demanding more and more money.