Unless someone's going to establish an arbitrary salary level, compensation is going to be determined by supply and demand. Also, lets not forget to include the much lower number of weeks worked per year in the equation,
Once you factor in the before and after year professional development, it works out to working about 10 months a year (last week of August to last week of June, usually). So ~83% of the time that I work. Yet significantly less.
I should also note that for the majority of teachers, their workday /= the school day. Many schools require teachers to stay later, and most do a lot of the other work at home. My parents each spend about 2 hours correcting papers and tests each night. Which equates to 9-10 hours days.
and lets also not forget the very generous benefits (health care, pensions etc) in the process.
I would not call their benefits "very generous". Definately not anymore. They health plan they have through the school is about on par with the one I have at my company. The only significant difference is it has dental and I do not.
Pension is decent. NH used to have a nasty habit of "borrowing" money from the public workers pension fund, which never got paid back. The only reason there was an uproar about it was because it affected the firemen and police officers too. VT (where my mom teaches) has basically torpedoed their pension plan, which is why my mom is retiring (so she isn't covered under the new plan). Anybody retiring after this year will see their pension cut by 1/3.
Not that I have a problem with teachers getting well paid, but lets not go overboard with the "it's so awful, they hardly get paid anything!" stuff.
Are they completely destitute? No, especially with my dad in the Coast Guard reserves (long since retired). They were able to give me a good childhood, and even give me help with college. But are they poorly paid for their qualifications? Yes. When my dad was laid off in the 90s, he looked at non-teaching jobs. He was offered a position as an electrical engineer making 6 figures. I won't say his actual salary without his permission, but its safe to say its significantly less than that. He teaches because he loves it.
The reason we should pay teachers more, is to encourage more people to teach, thus raising (hopefully) the quality of teachers. Getting high quality teachers is much more complicated than that, but it's a piece in the puzzle.
You don't go into teaching for the money. You go in to shape young minds.
This too. Money helps though.
I'm actually shocked we don't have a shortage of teachers/police and fireman.
There is about to be a shortage of teachers (at least in NH and VT). ~2/3 of the teachers in my mom's school will be retiring in the next 5 years. Within the past 2 years and the next 3 years at my dad's high school, ~1/2 of the teachers will be retiring.