the thing is that since you don't actually work in a pharmacy, and are still a student you don't have the experience to see the ebbs and flows of the profession. your example of Georgia graduating more pharmacy students than jobs is flawed in that many students go to school out of state to return to their hometown, or move out of state after graduating, rather its for residency or jobs, or want a change. the reason for Georgia or Atlanta's oversaturation is more so the city itself and not the profession if that makes sense. The job market in Atlanta regardless of profession is pretty saturated b/c of people migrating there, in the late 90's early 2000's, a lot of people from the northern states, ie DC, NY, NJ moved down to Atlanta due to the cheap housing market, and Atlanta being a business hub. Then you had many others who moved post Katrina. all of this to say most jobs in Atlanta are completely saturated and have been this way since the 90's.
The other flaw is everyone who graduates pharmacy school, does not go into pharmacy per se. not everyone does retail or hospital. several go into biotechnology, go into law, and get their JD, information technology, or pharmaceutical research, get their MPH also and go the CDC r or even the FDA route.(I know a couple of those) I know a few that work at big pharma, and used their pharmd degree as a way to do research without having to go the PhD route. then you have some who never actually practice pharmacy, such as stay at home moms, or those that are military wives and are overseas, which I know a few of those too
All of that to say, every person graduating pharmacy school isn't directly competing with you for a job. you have to have a glass half full vs glass half empty mindset. and a I know a few PA's too. not all of them are making 140k with all those great benefits. actually all the PA's I know work 2-3 jobs. I do envy them for their job flexability, but most work 14 on 14 off shifts, and use the 14 off days to work their 2nd job. also typically the SE doesn't pay PAs that well. the highest paid I know of are in the NE ie New York, and I know Baltimore paid well. also, it depends on their specialty, so general practice PA's are not making 140k, may 80-90k, to make the big bucks you have to be in orthopedics or cardiology.
Even though some pharmacists pursue the alternative career routes you mentioned, don't at least 70% of pharmacists still work in retail pharmacies? Also, it isn't just Atlanta that is saturated; even the medium-sized cities (I.e., the traditionally undesirable cities of GA) are becoming saturated. In fact, I know of at least two medium-sized cities in GA that are requiring a PGY1 or PGY2 just for an entry-level hospital staff pharmacist job. Even if not all PAs make $140k (although PAs working in rural FP clinics can -- I posted a job ad for one a couple weeks ago), the fact is that their job market is much better than the one for pharmacists, and at least they still have the luxury of choosing where they want to live/practice. Their job market will probably become saturated eventually (by 2025 according to the HRSA), but so far, there are no indications that their job market has already reached saturation, unlike the case for pharmacy. I also understand that PAs can complete 1-year residencies and (at many practices) start out earning what a PA who has been at that same practice for 5 years would make. Also, the fact that PA school is a shorter and cheaper route is appealing.
.... Actually, that's really what it boils down to -- besides the money, it just makes more sense to pursue something that has a much better job market, takes less time and money to become qualified for, and may or may not (probably will) result in a higher salary. Not having to move to BFE for an indeterminate amount of time is worth it alone.
That's what I mean when I say I'm having a hard time getting motivated to follow through on pharmacy. In other professions, extra training/schooling actually results in better opportunities and more money, whereas in pharmacy, extra training (residency) is now required just to qualify for entry-level hospital positions paying <$40/hr in the southeast.