It's all fun and games, until your software engineering needs are outsourced to India. Also, everyone and their mother knows that teachers are underpaid, so your argument is rather weak.
You know, that's just a fallacy? It's incredibly weak to appeal to the majority and leave it at that. I'm sure you would say more, but don't want to digress, though. XD
You were arguing on the premise that software engineering is already meeting supply & demand, but we know the private sector pays them well to attract smart people from other jobs. It would be even higher without the foreign influence on pay. Many know that foreigners drag down compensation in STEM while other jobs have been fully insulated, so is that fair? To the public, supply & demand isn't even a consideration, so your appeal to them doesn't make much sense to begin with (they generally wish for everyone to receive more). However, supply & demand is a rather simplistic look at it anyways. In Piketty's new book, he goes over many factors that result in workers receiving differently across countries and time.
Who is more likely to compensate less than the workers' marginal product: the government or the private sector? And which workers' marginal productivity is harder to determine? Both seem obvious. Look at private vs. public teachers. Or look at the military, for example. People say they're underpaid, but it's completely false. They have union-like benefits due to the politics. The basis is that they have a job risk, but a taxi driver has more risk (same risk as cops) of dying than the vast majority of enlisted personnel. The business board even went so far as to recommend cutting their $1.8 million pension and replacing it with a 401K type plan, which has already happened in the private sector.
Many people have argued teachers are overpaid. Bill Gates, for example, says the masters degrees inflates their salary (the degree makes no difference basically and neither does experience), and the teacher unions inflate the demand for them by advocating for smaller class sizes for middle/high school, but the studies show that it doesn't change the grades. (This has to be true because I've never had any teacher teach one-on-one, and it isn't feasible anyways.)
Although I've always thought current instruction is completely obsolete, and if you look around online, people are already asking this. You can give world class lectures on video with no need to waste more than two hours a day just computing to schools or listening to a lecture when you could cover more material in less time. There's a rockstar teacher in SK who is making loads through his videos. He has waaay more students than any teacher. So, in a way, it's like the software outsourcing to India, but it's isn't happening due to special interest groups. The same goes for tax accounting, correctional officers and marijuana/stiff sentences, etc.
The bubble's not popping tomorrow. Wage statistics aren't relevant right now.
They are relevant. They're not just throwing money away at any schmuck. They need a competitive package to attract smart people away from other jobs. If that part of the labor market pops in the future because the jobs aren't needed, then the market is simply being restructured. You can argue the same can be done with many service jobs or questionable regulations.