A study released today by the American Enterprise Institute concludes that America's teachers are way overcompensated for their work (via NPR).

AEI, a conservative think tank, says that public-school teachers are paid 52 percent more than private-sector workers with similar educations and backgrounds.

In all, says the study, government pays out $120 billion in excessive labor costs for teacher compensation.

The report begins with the assertion that the teaching profession is "crucial," but says that if you include unrecognized fringe benefits — such as pension programs, retiree health benefits and job security — teachers are better compensated than their private-sector peers.

Also, non-teachers who become teachers see a nine percent wage increase, while teachers who leave the profession see a three percent drop. "This is the opposite of what one would expect if teachers were underpaid."

In response, The American Federation Of Teachers put a statement that looked to refute the points made in the study with their own analysis. For example:

The 8.6 percent job security premium is a "ridiculous assertion," given the 278,000 public education jobs lost during the recession.

Teachers subsidize their own classrooms, spending hundreds of dollars each year on classroom supplies.

Teachers work longer, unreported hours grading papers, preparing lesson plans, and meeting with parents and students.

The teachers also said that "In our business, [the reasoning used in the report] would get a flunking grade."