LOWER EDUCATION BUBBLE UPDATE: The Imaginary Teacher Shortage. “For decades we have tried to boost academic outcomes by hiring more teachers, and we have essentially nothing to show for it. In 1970, public schools employed 2.06 million teachers, or one for every 22.3 students, according to the U.S. Department of Education’s Digest of Education Statistics. In 2012, we have 3.27 million teachers, one for every 15.2 students. Yet math and reading scores for 17-year-olds have remained virtually unchanged since 1970, according to the U.S. Department of Education’s National Assessment of Educational Progress. The federal estimate of high-school graduation rates also shows no progress (with about 75% of students completing high school then and now). Unless the next teacher-hiring binge produces something that the last several couldn’t, there is no reason to expect it to contribute to student outcomes. . . . Parents like the idea of smaller class sizes in the same way that people like the idea of having a personal chef. Parents imagine that their kids will have one of the Iron Chefs. But when you have to hire almost 3.3 million chefs, you’re liable to end up with something closer to the fry-guy from the local burger joint.”