How is that not bad? That's exactly why it is bad. The only thing keeping FMG physicians from doing to the physician job market what H1B workers have done to the IT job market is the need for FMGs to complete residency, and the very finite number of those residencies. If we remove the residency requirement to practice medicine here, all of a sudden there is absolutely no limit to the number of physicians from overseas who can come to work here.
There are a lot, lot more physicians outside the United States than there are physicians inside the United States. They almost invariably all make a lot less money in their home country than American physicians do in America. If a significant number of those foreign physicians are allowed to come and work here, the new prevailing wages for American physicians will equilibrate at some unhappy median between current American physician salaries and current average worldwide physician salaries. American med school debt, however, will not join salaries in going down to a lower level. If you do not see this as a bad thing, then you are a much more selfless person than I am.
But anyway, I'm still not 100% certain that these new laws in MO and VA mean that foreign doctors can practice medicine without residency. Can someone definitively say yay or nay on this? And if it does mean that, anyone familiar with the situation in MO and what effects their law has had on the physician job market there and the FMG participation therein?