I don't think getting rid of PE is an option, much of it has been cut due to that joke called NCLB and standardized tests. There's already a serious epidemic of childhood obesity, which if there were more variety in PE classes, this could be dealt with. There needs to be more options than team sports or running the mile, which got me to hate running to this day. Schools would be better off with various activities that would appeal to a wide variety of interests, and promote fitness as part of a healthy lifestyle.
I really hated dodgeball in school, there was this one kid who would throw the ball at you so hard, you'd get knocked to the ground. I was the one who got targeted the most as he was one of the many bullies I had to deal with. PE wasn't the only time I was bullied, it happened throughout the school day, and when I told the teacher, she usually said that I was making it up, or that it was somehow my fault.
Despite that, PE has some good possibilities, at least in high school, I was able to use the marching band as PE credit as it was something I enjoyed.
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"I do not feel obliged to believe that the same God who has endowed us with sense, reason,
and intellect has intended us to forgo their use."
- Galileo Galilei