Over the past few years, as cash-strapped states and school districts have faced tough budget decisions, spending on teacher compensation has come under the microscope. The underlying question is whether, when you take everything into account, today's teachers are fairly paid, underpaid, or overpaid. In this forum, two pairs of respected economists offer very different answers. Andrew Biggs of American Enterprise Institute and Jason Richwine of the Heritage Foundation argue that, considering skills, workload, and benefits, today's teachers are, on average, overpaid. Lawrence Mishel of the Economic Policy Institute and Joydeep Roy of Columbia University and New York City's Independent Budget Office argue that Richwine and Biggs are off the mark, and that teachers deserve a raise. (Contains 3 tables.)