Where is the proof that he ever said such a thing? In addition, just because you spend money on education doesn't mean that you will be successful. If that were the case, the Cleveland Public Schools (and most big city schools) would be the epitome of public education.
Yes, the amount of $$ spent does not dictate the outcomes. My wife and I split our time between two states during the year. One place has a population of 25K and the other about 35K to 40K. The 25K town spends over $16,000 per student and the other place spends $8800 per student. End result? No statistical difference in the results of the students. And the place that spends just $880 is a Title I school, meaning more poor kids/families.
Not to bring politics into this but the $16,000 a year student funding is in a liberal college (Bowdoin) town in Maine. The $8800 a year student is in a conservative place in the southeast. I know with 99.99% certainty how both voted local, state and national in November.
My conclusion is spend, spend, spend in education isn't the solution.