If you ask me, that's all the more reason to increase pay and remove the near absolute job security. (Note: I haven't independently fact checked the job security so if its wrong please let me know). Given how important the job is, doesn't it make sense to align the incentives properly?
For the most part, when I hear people disagree with this, they tend to bring up specific problems with things like No Child Left Behind. Its hard to disagree that using bad techniques to measure teacher performance is a bad idea and I don't have a specific better solution, but I don't think that means we should stop trying.