In the private sector, people with SAT and GRE scores comparable to those of education majors earn less than teachers do. Does that mean teachers are overpaid? Or that public schools should pay more to attract top applicants who tend to go into higher-paying professions?
I'd argue that this is the wrong question. If current teachers earn more than similarly achieving (as measured by the SAT and GRE) private sector employees, that means they must earn the same as private sector employees who are higher achieving.
Given the recent focus on teacher quality, shouldn't the question then be why these higher-achieving graduates choose to do something other than teach despite earning no more than current teachers earn?