There are several factors that have been driving price increases, but assuming they will continue at similar rates is likely wrong. What if price increases accelerate? It feels unlikely, but we have a very strong economy right now without additional funding going to schools. States (like NJ) are struggling today, so when things turn and the economics get worse…additional funding cuts would seem likely as costs continue to rise.
NJ has a huge pension problem. The state is underfunded by 3 or 4 years worth of revenue (ie every dollar collected would have to go to the pension to fill the hole). NJ is going to be bankrupt soon, so I would wager the state will do less, not more, to fund public education.
A federal funding policy for state institutions might help resolve this …but who’s going to pay for that?