I never really considered that. I always assumed the pay sucked because tons of people who don't have actual career passions decide to just be a teacher instead. It's like never having to leave school and get a real job! Boy, that's going to get me some flak, but I've seen it first hand plenty of times.
For evidence, my state (Connecticut) has one of the strictest set of teacher certification requirements in the country (being a teacher here basically makes you an automatic hire in most of the rest of the country). Yet, whenever there's a teacher job opening, it gets hundreds of applicants.
The teaching profession is definitely a buyers market, and I'd bet without unions teacher salaries could be halved and still never have vacancies. No, I'm not actually saying that would be a good thing. Education provided by the lowest bidder is an awful idea.