No, you're not missing anything. There are many cities whose inner-city school districts are full of money shortages, quality teacher shortages, and surpluses of rapidly-decaying buildings which may be 50 years old (or more). These do not result in a quality environment for fostering education.
However, even in school districts where money is not in short supply and the teachers are properly qualified, there are many who feel that the quality of education leaves much to be desired. These are the people who either home-school or send their children to private schools.
What would you define as a "minimum standard" for a high school education? Who should set that definition? Tough questions, indeed.
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Everything may be explained by a conspiracy theory. All conspiracy theories are true.
No matter how thinly you slice it, it's still bologna.
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