Well, yes and no. As you can read in newspapers and whirlpool forums, there is an oversupply of teacher graduates--40,000 are pumped out of universities per year in NSW. Nonetheless, teaching is a very practical option compared to (say) an arts degree. Teachers can find work not just as school teachers but part-time work as education officers in museums, trainers (sometimes with a Cert IV rather than Ed degree), L & D roles at companies (teaching highly regarded), education recruitment companies/HR (teaching quals viewed favourably), tutors (part-time) and tutoring centre managers. These are all options with decent demand that are not as easy to access with just an arts degree such as English or History. That being said quite a few of these options--tutoring especially--cannot ever provide more than a very part-time income. The same can be true of roles at not-for-profits that can be accessed by basically anyone with an undergraduate degree interested in the organisation's mission. So although teaching will never make a fortune and may be hard to get more than casual or temporary work, nonetheless there is always some amount of work. Moreover, the real work of teaching and tutoring face-to-face is unlikely to ever be completely automated. By contrast, some roles--such as rudimentary legal work and accounting--may well be automated before school teaching ever will be. So for this reason teaching remains an option to be respected.