One of Sean Hannity's favorite things to do is to go outside the studio onto the street and ask people, mostly late teens and 20's types, who the vice president of the United States is. Very very few know.
I recently did a half fun/half serious presentation with a group of young adults and was amazed that most did not know who Karl Marx was, couldn't list even half the presidents of this century, and couldn't place most countries on the right continents. I have to wonder, what ARE they teaching in school these days?
Is it a problem of the subject matter? Or the culture we live in? I agree with Baldimo that the solution for parents who do want their children to succeed is vouchers.
Here is an essay by Walter Williams, PhD, Professor of Economics at George Mason university. It is definitely worth reading and thinking about:
http://www.gmu.edu/departments/economics/wew/articles/04/school.html