[jhas78asd]

The article failed to mention the high cost of medical school, high interest rates for loans, and being phased out of interest deductions from earnings (which are capped quite low IMO to being with). My wife attended a Big 10 university medical school, costing around 50K/year, graduating with around 200K of debt, added to her 50K of undergrad debt, deferred through most of training, making 50-60K as a resident and fellow, looking at a 2000+/month expense for P&I on those loans. We've re-financed it, but the rates are still quite high relative to car loans, home mortgage etc., so of course this reality of essentially carrying a second mortgage of debt, was a factor in her choosing to go into a specialty, with additional training (fellowship), and moving to a lower cost, higher demand (higher wage) area. We pay 15K+ INTEREST annually on those loans and we are phased out from deducting any of that. If undergrad was less expensive, or free as it is in other countries, if med school was less expensive, doctors could enjoy the same quality of life with less salary.

[GabrielBen]

A common argument to justify high salaries is that the education is expensive. But its the other way around: education is expensive because salaries are high.

I also dont feel sympathy for how the medical education gets to have people hostage, as a reason to "not lower physician salaries". Its like saying that a slaver paid for his slaves, how can you take them away from him! It cost so much!

In any case, if salaries went down, less doctors would go to college, and colleges will either lower students or lower prices. Easily make-upable if you allow reasonable residencies for foreign doctors. The US could absorb an infinite amount from abroad where the cost of education is not irrational.

In argentina, a cardiologist might make 4000 U$S a month. If he could, he would jump ship to practice in the US immediately.

[s0rce]

Isn't the important statistic when break even with someone who makes less but started saving earlier with less debt (say only college debt). I haven't run the numbers but 250k in debt doesn't seem so bad if you make 300k after you finish at 32, compared to making $100-150k with 50k debt starting at 22.

You could also compare the opposite, if you have 250k at 19 is it a good investment to go to medical school or take a less lucrative job and just invest the 250k in index funds, I'm guessing medical school still comes out on top, maybe after 20 years.

[potatote]

I agree with your point. I never understood why making >150K starting at the age of 32 with a debt of about ~300K is an insurmountable burden. I have a close friend who fits the above profile. She actually makes about ~200K/year (after tax and everything, she nets about 100K); her work hours are nothing unusual--~9-10hours. With this rate, she can comfortably pay off her debt in ~10 years top.

[fjsolwmv]

1. Because they might burn out or change career to homemaker before they make that money.

2. Because when they make $300k/yr they feel entitled to spend $250/yr or more

[s0rce]

Changing careers is definitely an issue when you end up with 200k+ in debt. Although, even without the debt 10 years has a large opportunity cost. However, not saving because you make money is up to you, if you want to live lavishly to make up for the 2 decades living like a student who is to say thats wrong. You'll obviously end up with less savings but if your a doctor I think you can figure that you.

[fjsolwmv]

Why is your deduction phased out? Is it because your income is extremely high?