Are teachers overpaid?

In the conversation around cutting government spending, the education system always seems to get caught in the middle. Especially the teachers. Do they get paid enough? Too much?

In the city of St. Louis, the average annual teacher salary in 2010 was just under $50,000. Chances are that the parents of many students make significantly less than that, and that many make more that. Should that be a factor when deciding if teacher pay is “right”?

Or should their pay should be based on the value that they provide, compared to pay for similarly qualified people performing a similar service in the private sector? Is this what is meant by “running government like a business”?

What do you think, are teachers overpaid?