Spending more does exactly nothing.
It is almost universal that the worst performing schools have the highest spend per student, while the best schools have the lowest spend.
It is almost universal that the worst performing schools have the highest spend per student, while the best schools have the lowest spend.
But, that's like saying hospitals don't work because the highest expenditures are on the sickest people. This isn't measuring whether more money helps schools perform better, it's showing that we spend more money on schools with lower test scores.
[1] https://www.schooldigger.com/aboutrankingmethodology.aspx