New York had the misfortune to win Race to the Top funding. That $700 million will eventually cost the state billions of dollars.

Commissioner John King just released his plan for Néw York City, where the mayor and the United Federationof Teachers failed to reach agreement. King’s big new idea? Student surveys will be part of teachers’ rankings. Imagine that! Starting in third grade, the kids help to decide whether their teacher keeps his or her job.

Here is the best round-up of reports on the plan.

Peter Goodman gathers more comment and warns that all the fireworks are unlikely to provide dramatic change. The school system does not have a large number of hitherto undiscovered “bad” teachers. And there is not a long line of super-teachers waiting to take their place.

My prediction: ten years from now, we will look back on all this hullabaloo and wonder why we poured billions of dollars into a bottomless pit.