Just a quick view on the employment stats, broken out by education level. This is from the US Department of Labor, so clearly not a global data set, so your mileage may vary for other countries.
People who had less than a GED (High School Diploma) had an unemployment rate of 17.6 and 16.5 in Jan 2010 and Jan 2011 respectively. High School graduates had rates of 11.5 and 10.7 in those same time frames. If you had a bachelor’s degree your rates were 5.1 and 4.5 in the same time frames.
I would guess this SHOULD provide a pretty good evidence that the state of education is directly tied to the employment state of the country, and therefore fixing education would go a long way to fixing the job situation. I’m less confident that the politicians will do anything about the problem, since the trend seems to be cuts.