I wouldn't say that at all. It may not have the impact that Drew explained, but it certainly does have an impact. When we see reports that the average college student reads at a 10th grade level, we have an education issue. When students fail to complete high school, we have an education issue (that's rooted in socioeconomic issues). Universities and colleges seemed to think that we have a secondary education issue as they released metrics to the press that close to 40% of first-year college students had to enroll in at least one remedial (read: high school level) course in order to survive their college curriculum; we have a problem.
This country is going to succeed through STEM advancements as we're a highly technologically driven economy. These fields require more education that's built upon math, science and English comprehension skills that we should expect to have been learned in the K-12 years.
And I'm certainly not blaming education for all of millenial's issues. But I think if you look at what was spent and how our generation turned out the results leave a lot to be desired. If we keep doing what we've been doing don't expect the results to change.