This indicates that teachers are currently overcompensated... More likely they are undervalued. Your citation makes the point that there are unemployed teacher

This indicates that teachers are currently overcompensated... More likely they are undervalued. Your citation makes the point that there are unemployed teachers because educational funding has been cut. It's also not clear from the citation that there are actually 280,000 'extra' teachers, only that the goal of the program is to support that many teachers in the classroom.