Across the state, I meet people worried about their local schools.

Parents worry about dropout rates, job placement, and college admission. Employers worry about workforce qualification and training. Local officials worry about the costs of services required by those who’ve slipped through the cracks. Faith and community leaders worry about poverty and inequality.

As the state’s chief financial officer, I see a more eminent concern: unchecked, the traditional model of public education in South Carolina will bankrupt the state within our lifetime.

K-12 education now consumes a third of all state government spending and nearly two-thirds of local government spending. Taxpayers will provide South Carolina’s public schools with over $8 billion next year. The figure, taken from the state budget, only includes money for day-to-day operations. Spending on buildings, retirement, and other long-term obligations could bring the total closer to $10 billion.