You've got that right! Emphasize the word MINIMUM. Education in America lags virtually every other industrialized nation and yet we spend much, much more. If our Public educational system is going to fail so miserably, why do we have to pay so much for it?
lets examine. Why do you suppose that "we pay more for education" than many social democracies. The answer of course lies with how labor "compensation" is measured. Teachers receive a pension and health benefits, which are called "compensation" here.
But in most European countries the teachers and administrators receive these benefits simply for being citizens of the country, so it is not called compensation for employment and measured as education expenditures. So in this case the numbers lie.
There is some truth to that, but unfortunately Americans still spend significantly more per student than all industrialized nations. Furthermore, the real cost of Public Education is even higher than what is published. Here's documentation on that:
They Spend WHAT? The Real Cost of Public Schools | Adam B. Schaeffer | Cato Institute: Policy Analysis
But even if the spending levels were the same with all things being equal, one would expect American students to at least perform as well as other countries and they don't. So not only are we paying more for education, our kids are not being educated adequately.
The problem with cross-country education spending analysis is that we spend significantly more than other countries on students with developmental disabilities. If you look at spending on typical students, it's pretty similar to slightly lower.