I think this is a huge problem for America.
It's a political problem because a working democracy requires smart people that are able to understand complex issues and cast their vote accordingly. As an outsider it's probably easier to see, but American politics has turned into a farce where political issues matter much less than appearances on the right talkshows and hitting the lowest common denominator. The press has to play along with this, if they don't nobody will read their newspapers or see their newscasts. Jon Stewart, a comedian, is often seen as one of the best political reporters in the country.
It's an economic problem because in the future (and now) we have to be pretty darn smart to compete in the international arena, and India, China, etc. are basically eating Americas lunch.
Education is one of the best and most important investments a country can make, and to be frank I think it's despicable that a college professor doesn't make more than you do.