The NCES (National Center for Education Statistics) has a table showing "Total and current expenditures per pupil in public elementary and secondary schools: Selected years, 1919-20 through 2006-07" in inflation-adjusted dollars. It shows that the amount spent on education has gone up from roughly $600/pupil (inflation adjusted 2007 $) in 1919 to about $10.7K in 2006. Over those 88 years it looks like a fairly even rate - no big jumps or swings after a sizable increase from 1919 to 1929.
Link:
http://nces.ed.gov/programs/digest/d09/tables/dt09_182.asp
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