Is the U.S. education system broken?

Education in America is a big issue, but has not received much play during the Presidential election. Issues of the economy, healthcare and Iraq have been much more at the fore. Does this need to change? There are many issues that surround education such as: who gets it, who pays for it, its quality, the discrepancy in education between the classes, etc.  Do you think the education system in America is broken, and if so, how do we fix it?  What other country presents a better model?