Why an intellectual caste system is a bad idea
What doesn't kill you makes you stronger. Not only does guaranteeing every citizen an education raise a society's average intelligence, but it shows children that life is hard and unfair from the start.
Think of your life. The self-described "intellectual elite" deal with laypeople every day. This is not a bad thing. Public education* doesn't just teach facts, figures, and theories; it teaches us human interaction. Everybody will have bosses, employees, coworkers, clients, roommates, or friends that are ignorant of something, that annoy with their little quirks. Exposure to and practice at human interaction is what allows us to deal with life's little bumps.
If you take away the challenge and the hardship, will the journey actually mean anything? Rich kids don't know the value of a dollar. Those with extremely high aptitudes for basic subjects don't appreciate the value of studying. Coddling a child is never the right answer.
And another thing, taking away the less intelligent kids won't get rid of the teasing. Remove the most-teased social group and a new social group will take up its mantle and become the most teased. If it's not intelligence, it's weight, skin color, religion, money, cleanliness, hobbies, etc. ad nauseum. People are mean, and they'll pick on anybody for anything. That's part of the grand lesson learned in school. You've got to deal with people — and sometimes they suck.
DISCLAIMER: This was originally posted in Intellectual caste system. Because of an excellent discussion in the chatterbox, I have decided that its proper place is here.