Claiming that current federal educational funding formulas favor those same Sunbelt states that have recently undergone impressive economic growth, some individuals are calling for removal of per capita income factors from funding formulas in order to direct funds away from the Sunbelt and towards the northern or "Frostbelt" states. Examination of regional demographic trends, employment patterns, and indicators of economic well-being reveals that such a policy change would be a mistake for a number of reasons, including the following: (1) census data do not support the idea of a massive population migration into the Sunbelt states; (2) the idea of economic decline in the North, coupled with widespread prosperity in the South, is a myth that overlooks gains in per capita income and employment in every state and that ignores the continued deficiency of per capita income levels in the South; (3) federal spending policies are not biased toward the Sunbelt; and (4) elimination of income adjustments from funding formulas would not favor any one geographic region but would instead result in losses to numerous states in every region. (The complete version of the monograph covered in this summary is available separately--see note.) (MN)