Why are so many elementary teachers out of work?

I hate to sound heartless, but it's not just because of budget cuts and the economy.  Mike, over at Intercepts, has some links to interesting facts about the number of elementary teachers out there, which is far more than has really been necessary ever.  In other words, a big part of the reason that there are so many unemployed elementary teachers is that there are just more people getting elementary credentials and seeking employment than there is a need for elementary teachers.