Achievement disparities among racial and ethnic groups persist in the American education system. Asian and white students consistently perform better on standardized tests than Hispanic and black students. While many commentators blame the achievement gap on alleged disparities in school funding, this Heritage Foundation paper demonstrates that public education spending per pupil is broadly similar across racial and ethnic groups. To the extent that funding differences exist at all, they tend to slightly favor lower-performing groups, especially blacks. Since unequal funding for minority students is largely a myth, it cannot be a valid explanation for racial and ethnic differences in school achievement, and there is little evidence that increasing public spending will close the gaps. (Contains 1 table and 20 footnotes.)