```Your scathing critique is requested.```

Here are some issues I can think of:
-Not everyone is capable of teaching their children(for various reasons).  
-It incentivizes the having of(many) children. (ie.10 children = $200,000)
-You'd still need some sort higher-level/skills learning (preparation for various vocations).
That's just what comes to mind at the top of my head. There may be more issues.