Yes, because more people would be drawn to the career. I could teach reading and mathematics better than that but would never have considered teaching as a career due to poor compensation.
I saw what the teachers drove in junior high and high school.
I value education; it saved my bacon. I also tutored a few youngsters in Math back in the day. This was a highly rewarding experience.
Something is wrong if a we are getting those results. It is probably more complex than teacher compensation; it sounds systematic.