Agree. Although they are somewhat underpaid, not as much as you would think when you take into account the weekends, holidays, and a near full summer vacation.
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They're more than somewhat underpaid and the more a country pays it's teachers, the better teaching it produces. Look at Finland, their teachers have huge salaries and they have one of the bets systems of pre university education in the world.
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Depending on the type of teacher, quite a bit of that 'free time' is used for marking and planning.