The city’s independent budget office (IBO) has just put out a report on public-school spending and demographics. Despite apocalyptic talk of cuts, school spending is up 2 percent cumulatively over the last three years, even after accounting for about 5 percent inflation as well as for diversion out of traditional public schools and into charter-school and special-ed students.

Considering that the nation is in the worst economic crisis since the Great Depression, and considering, too, that the crisis started right here in New York’s financial industry, the kids are doing OK for themselves, pulling down about $20,376 a head.

There’s a catch, though. The IBO notes that “all of the increase is attributable to rising pension costs–if these pension costs are removed, actual per-pupil spending has decreased” in each of these years.

After inflation, pension costs are up about 29 percent in three years, or $664 million. Debt costs, too, are rising — up 22 percent, or $309 million.

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