This work contributes with the evaluation of the public primary education system administered by SEESP, the office that is responsible for public policies on education in the state of São Paulo (Brazil) between the years of 1980 and 1993. In order to do so, an empirical study of the finances of the state of São Paulo was executed and some social indicators of education were added to this analysis. We show that the amount of resources destined to the primary level have not changed in a significant way during this period, although the enrolments have increased, as well as, proportionally, the physical and human resources. As a result of this process the teachers have experienced a huge loss in their purchasing power. On the evidence of high repetition rates, authoritarian pedagogical practices, lack of motivation of the teachers and deficient physical resources, we testify the inefficiency of the educational system.