I'm not Midwestern, but I encourage the region not to do this.
I'm very libertarian, but in this case, this is just fundamentally a bad idea. Public schools are key in securing that students' futures are competitive with Asian markets that are quickly taking our jobs. They also are key to preventing crime. If kids are not in schools, they will be on the streets. You can't afford to send every child to a private school. It would be better to just end up funding.
The problem with the library idea is that not everyone is capable of independent study. And with the average library serving, what, several ten thousand people, can we fit all of the kids who cannot afford private schools in poor areas into libraries? No way.
This plan is fine in the middle class suburban areas we all live, maybe, but it is entirely ignorant of impoverished urban areas that can barely afford to educate children with the funding they have.
This is the last thing that should be cut totally.
The libraries can hire former teachers, since librarians will basicly be teachers under this plan. Also, education wasn't under the feds thumb until Carter, and it has been in steady decline ever since.