In a new AEI/Heritage paper that is sure to create some buzz, Andrew Biggs and Jason Richwine say yes, teachers are overpaid relative to similar workers based on several different metrics. The most interesting result in the paper for me was this table, illustrating that teachers take a pay cut of roughly 3% when they leave the profession, while new entrants actually see a raise of almost 9% compared to their previous non-teaching job:
As the authors point out, this result is not consistent with teachers being "desperately underpaid," in Education Secretary Arne Duncan's words.
We need to take the conversation on teacher pay beyond averages, however. As we and others have noted before, younger teachers are under-compensated for the dramatic increases in effectiveness they realize in their first few years of teaching. We also ignore the alternatives certain teachers have in the labor market, paying PE teachers (who have few job options in the private sector) much more than physics and math teachers.
If we want to spend every education dollar effectively, we have to move beyond one-size-fits-all strategies and focus on...