Teachers are a particularly hard hit in the market’s current bubble.
In fact, for the first time in a generation, the number of American teachers who earn more than $200,000 a year has shrunk from 17 percent in 2016 to 13 percent in 2018.
That means that in 2018, nearly 20 percent of teachers earned more than that, a drop of over 50 percent from the years prior.
Meanwhile, the cost of textbooks for teaching is rising, with the average cost of a classroom textbook ballooning by nearly 30 percent over the last decade.
“The market is just so hot,” said David J. Schulz, a former chief economist at the Education Department, as he sat at a desk with two stacks of textbooks in his hand.
“We can’t see any of the trends going in the right direction.
And so what you’ve got to do is say, OK, we’re going to go out and buy a bunch of textbooks.”
For many teachers, the market has already changed.
As the economy has improved, more and more schools are moving into online learning and other technologies.
But even with those changes, some teachers, especially those who specialize in reading and math, say they still need to make sure they are prepared to teach.
In the years ahead, though, the supply of teachers will be tight.
“Teachers will need to think, ‘Well, if I have to get these new things, what are the new things that are going to cost me?'” said David B. Schutte, an adjunct professor at Harvard University’s Kennedy School of Government who specializes in public education.
“That is going to be a major challenge for the next few years.”
Teaching salaries The market’s growing demand has left many teachers struggling to keep up.
Some are forced to work long hours, but the high prices and lack of flexibility in how to pay for them have left many students with huge debt, leaving them with less to do.
The average teacher makes $40,000 per year, according to the American Association of University Professors, and teachers typically have to make up that difference by earning bonuses or working part time.
A teacher’s salary can vary widely from state to state, depending on how many hours a teacher is paid and what classes they are required to teach, but average salaries are higher in the Northeast, Midwest and South.
“You have a whole lot of people who are basically stuck,” said Schutty, who has taught at high schools in Massachusetts, Connecticut and Michigan.
“I would say that for every $10,000 of additional revenue we get from the new tax on the wealthiest Americans, we are still paying a significant amount in back pay and other costs.”
The market for teachers has also become a magnet for students and their parents.
In a survey by the Pew Research Center last year, parents reported that they were less likely to send their children to college, and fewer students in many states had ever gone to college.
Teachers are particularly at risk.
The APA found that among students who were either full-time or part-time teachers in 2018 and 2019, 41 percent were under 25 and 28 percent were in their 20s.
“If you can’t make ends meet, you are going out and finding jobs,” said Karen Riggs, a teacher at a high school in Wisconsin who said she was raising her student in part because of the financial pressure of being a part-timer.
“There’s a lot of pressure to teach for the price of doing it, but if you can pay the bills and you have your career on the line, you can be a part of this change.”
While teachers are having to make tough choices, they also are having a tough time adjusting to the new environment.
Teachers who were already in the middle of a contract dispute with their employer are now working through it.
“It’s a whole new world,” said Shlomo, who teaches for a non-profit that has also raised money for her family.
“But you’ve just got to deal with the stress of the contract and trying to get out of it.”