More than a decade and a half of work on the topic has shown there has been a long-trending erosion of teacher wages and compensation relative to other college graduates. Simply put, teachers are paid less (in wages and compensation) than other college-educated workers with similar experience and other characteristics, and this financial penalty discourages college students from entering the teaching profession and makes it difficult for school districts to keep current teachers in the classroom. Teacher compensation is not just an issue of staffing: effective teachers are the most important school-based determinant of student educational performance. To promote children's success in school, schools must retain credentialed teachers and ensure that teaching remains an attractive career option for college-bound students. This report provides an update on teacher wage and compensation penalty as the U.S. continues to struggle with the COVID-19 pandemic and the economic consequences. While the data in this paper are through 2019 and thus predate the pandemic, the analysis may provide useful insights as schools struggle to reopen. The U.S. has yet to make the necessary investments, and pass the needed policies and procedures (e.g., universal mask requirements and testing, tracing, and isolating protocols) that would allow some semblance of normalcy. Teachers and other school staff will continue the business of educating students in these trying times. They and their unions will play a critical role in moving forward in an effective and safe environment. [This report was produced in collaboration with the Center on Wage and Employment Dynamics (CWED).]