I do think one day our educational system will be reformed. In a way, I really don't think it's in a down peak or anything like that. One major factor that could help it, though, would be to lower the cost of college. It's already very expensive before and after.
As an educator I know that education is being reformed on a yearly basis. Just in the past three years we have changed our testing standards every single year to adapt. There are a lot of problems with education, but it is possible to make reforms all the time to make it better.
Education is lacking in many parts of the civilized world. It does not prepare young people for the real world and holds them often to unrealistic standards of teaching to the test. Reformation is always possible but as with anything else it is going to take the action of parents who want better for their children.
The education system in America is a bit broken. With the amounts of money being spent for little result, it will catch up with us soon. All the technology in a modern school gives kids today access to more information than ever before, but they are not necessarily retaining the information these days that kids did in the past. They are getting to used to an easy answer for everything from Google.
There's a weird distrust of teachers that mixed with a government that is more or less inept in everything it does that makes any noteworthy reforms to education unlikely. It needs it, there is a lot of wasted time in American classrooms, but there's nothing that indicates a solution is coming in the near future.