An article in the Wall Street Journal examines the facts over the common belief that public school teachers are underpaid:
A common story line in American education policy is that public school teachers are underpaid — “desperately underpaid,” according to Education Secretary Arne Duncan in a recent speech. As former first lady Laura Bush put it: “Salaries are too low. We all know that. We need to figure out a way to pay teachers more.”
Good teachers are crucial to a strong economy and a healthy civil society, and they should be paid at a level commensurate with their skills. But the evidence shows that public school teachers’ total compensation amounts to roughly $1.50 for every $1 that their skills could garner in a private sector job.
[. . .]
Education is widely regarded by researchers and college students alike as one of the easiest fields of study, and one that features substantially higher average grades than most other college majors. On objective tests of cognitive ability such as the SAT, ACT, GRE (Graduate Record Examination) and Armed Forces Qualification Test, teachers score only around the 40th percentile of college graduates. If we compare teachers and non-teachers with similar AFQT scores, the teacher salary penalty disappears.
While salaries are about even, fringe benefits push teacher compensation well ahead of comparable employees in the private economy. The trouble is that many of these benefits are hidden, meaning that lawmakers, taxpayers and even teachers themselves are sometimes unaware of them.
[. . .]
One important caveat: Our research is in terms of averages. The best public school teachers — especially those teaching difficult subjects such as math and science — may well be underpaid compared to counterparts in the private sector.
H/T to Monty, who writes:
Spiking another myth: public school teachers are not underpaid. Public-sector employees tend to assume that private-sector workers get paid a lot more than they actually do. Public-sector employees also tend to undervalue their own (expensive) benefit packages, and don’t include them in their base salaries. Career public-sector workers would be shocked at how little money comparable private-sector workers actually make, especially when private-sector benefits are compared to public-sector benefit packages.
