How much teachers are paid definately does not correlate to how good of a teacher they are! We have teachers in our public school system that make upwards of $75,000 and do absolutely nothing. Can you say "tenure" and a vicious teacher's union.
$47,000 is a large sum of money for a first year teachers, I don't care what kind of college degree you have. Teachers need to have an innate ability to teach. I have seen my share of teachers who have all kinds of degrees, but cannot teach.
I started at a private school 15 years ago. I was a full time teacher and made $11,250 for a 10 month contract (Sept-June). I didn't plan on staying at the school, but needed to attain a classroom of my own for 2 years to secure permanent certification. In September, I will be starting my 16th year at the same school. I have had opportunities to go elsewhere, even take a principal's job, but I absolutely love the school I am at. It has become my second family. Both of my children attended school there and were not only taught, but loved unconditionally by their teachers.
Obviously, I have come a long way from my mere $11k beginnings, but at a private school, teaching is not about money. You have to love what you do with all of your heart. Teaching is so much more than a job, it is who you are.