There is a glut of adjunct candidates with a PhD and a postdoc who can't get TT but there are relatively few with teaching degrees. The oversupply of adjuncts happens because they are the unsuccessful seekers of a much better job -- tenured professor -- but there is no similar situation for teachers. The economic analogy therefore won't fit, because the supply of teachers will respond to price signals more than the supply of adjuncts.
When I was an adjunct, I had no interest in getting onto the tenure track, or in teaching as a career. I was simply new in town and needed a job.
On second thought, what will probably happen is that they will flee to private schools, the more affluent will lobby for “private school tax deductions” and leave only the worse teachers in public schools and only the less affluent will go to public school.
Everyone is complicit - the union, the politicians, and the taxpayers. If the unions were honest and told the teachers that the pensions they bargained for were illusory, the teachers would demand more pay now.