I don't think the discrepancy for most is the debt. It's more about the erosion of 11+ years of post-high school education. Combined with the sheer amount of life sacrifices we all make. I mean most people in colleges spend so much time partying and having fun, socializing etc. But what do the premeds do? We study and panic over our classes and go far and beyond to fight for A's in classes most people simply aren't interested in.
The end result if doctors weren't highly compensated, there would without a doubt be much less people applying to medical school.
However this is again just my personal opinion. Some people might very well enjoy the thrills of being a pre-med. Some people might very well be drawn the medicine in a near altruistic manner. But it's my personal opinion that those people make up less then 5% of medical school applicants.
I just don't think this is true at all.
Over the past ten years, physicians salaries have steadily decreased when you take into account inflation and malpractice, yet applications have gone up for medical school, and the stats have improved.
Perhaps, if you were to cut salaries in half, starting tomorrow, there would be a huge impact.
However, when the decrease is a percent or two a year, no one really notices enough to care, especially when they have likely been fixated on becoming a doctor for years.
So, as long as doctors continue to make a good living, applications will continue to rise. The problem is that many pre meds, have lost conception of what a "good living" is, and assume that they have to "win," that money is another way of keeping score.
Hence the massive entitlement.
People assume that because they get a certain GPA or a certain Test Score, from a certain university, that they are automatically worth more and in a higher social class than everyone else.
The uber rich doctor days will disappear for all except a few top level specialists with private practices in major cities.
However, what else would people with the doctor skill set do? Even if the salary was reduced to say 150K, or even 125K, that would still be way higher than what the VAST majority of med students could make doing anything else. Some people throw out sales, big law, or banking, without having any idea of what those fields involve.
Despite their padding of their CVs with a variety of ECs, most pre meds are not renaissance men who can waltz in and out of any career. For a more realistic idea, take a look at what people who have a PhD in the sciences or who teach in high school earn.
Furthermore, there are still some people who genuinely enjoy medicine, dont have a chip on their shoulders, and strongly believe in it being a special vocation - I know some top doctors here in Spain who make what most of you would consider to be "slave wages," and they are very good at what they do, and (at least the surgeons I know personally), are every bit as dedicated and trained as their US counterparts. And somehow they manage to survive without having a mercedes or vacationing twice a year in exotic places, or having jet skis as one of you douches mentioned. They live well, but not in luxury.
nice, yeah sometimes i think about it, than i think about everything else i could be doing and decide its still worth it 
