The link "Gregory Cochran on Education" is actually by Henry Harpending (the other really is Cochran).
Thank you for the correction.
As Harpending concedes in the comments, he really is missing something and this is not at all evidence of waste.
If you want to see evidence of waste of our spending on education all you need to do is look at the data, judging in it education at the very least on the university level seems to be a positional good. Moving down the ladder to high school even very basic things like Algebra or foreign languages don't pass the cost benefit test. See Bryan Caplan's writing on related matters.
Moving even lower I've made the argument elsewhere that we probably don't even need obligatory primary school to maintain acceptable levels of literacy. Now my opinion on acceptable levels is basically 85%+, since I think that the current "literacy" numbers of 97%+ in the first world are bullshit at least in terms of functional literacy anyway and that in the absence of public schooling the smart fraction's actual literacy in systems like that of Colonial America seems to have been better than today anyway. The primary function of public school is indoctrination and teaching children how to accept terrible work place conditions anyway. I say we could do pretty well with less of both today.
The link was more me provoking people to a discussion than a full argument. I'm writing a series of articles on this matter where I will make it.
Arguably, mandatory algebra is a good idea because it may be difficult to identify career-algebra-users in advance, and they may have a disproportionately large positive impact on society relative to their numbers.
I also seem to recall something about taking a high school algebra class improving one's thinking skills (even if you don't do well, apparently), but I haven't been able to find the cite for that.
Here in America we like to maintain the illusion that everyone's cognitive ability is equal and with the right education the playing field will be level...
If it's worth saying, but not worth its own post, even in Discussion, it goes here.