It's a bad thing. While the public school system is deeply flawed and subjected to various politically motivated indoctrination attempts, as a whole society benefits greatly from universal public education for a number of reasons, but a major one is that in any sort of democracy, having a critically literate voting base is essential to counter the ability of capital to influence the outcome of elections through propoganda.

As it stands now hugh quality education is largely something that is only being received by the rich who both understand the value of it as well as the value in having an undereducated and easier to control semi literate electoral base to exploit.

The issue is that while the current system of public schools greatly sucks and does serve the purposes of one wing of the ruling elite, the other wing of the ruling elite seeks to remove the influence of the public schools by promoting various alternative methods that are equally problematic when it comes to educating people who lack the means to finance it themselves. This results in a large underclass and increasing social divides along with increasingly widening gap between the rich upper ruling class and the lower eternally poor worker class. The tax money spent on public schools will not go away it will simply be be wasted on something else. And while I fully support agree with the idea that private or homeschooling can be superior to the current public education system. They still have the potential to induce the same educational quality and ideological indoctrination methods one finds in a public school.

The issues with homeschooling especially is that the entire endeavor hinges on a single point of failure, namely the parents, and if they make any kind of mistake or fail to account for future trends when educating their children it has the potential to create massive problems for the child's future. There is one trend of the homeschooling movement known as "unschooling" which is some crazy hippie idea that structured education is wrong and that the students should be the ones making the primary choices in their educational decisions. What does this mean? Parents sit back and let their kids play all day while patting themselves on the back for being good teachers.

The alternate extreme of far too strict and controlling parents also exist and they end up raising socially useless children that are unable to function independently from the parents once they grow up or the parents eventually die.

While these issues can crop up in a public school environment as well there tends to be a bit more vetting in place compared to homeschooling where theoretically speaking a parent who wishes to simply neglect their children without the state noticing the signs of abuse can do so without any worry of any kind of accountability to anyone unless they are caught in the act doing something patently illegal. It should also be noted that most homeschooling is done for strong ideological often religious reasons and the parents themselves are usually swayed by larger religious organizations with their own stated agendas. For example one of the largest homeschooling advocacy groups in the US is the HSLDA, a decidedly dominionist organization whose agenda includes using homeschooling to essentially groom a new generation of leadership in what can best be described as a kind of vaguely Baptist christian nationalist fundamentalist cult environment for the purpose of creating a future electorate by which to promote staunchly religious legislation in the future. The "christian sharia" if one wishes to use that phrase. It's not handmaidens tale, but it is probably 1984 except instead of big brother, meet heavenly father.