I agree with Cyanide in thinking that residency expansion is the biggest issue (Besides CMG/PE obviously). It's going to take a couple more years before we fully see the ramifications of expansion. The last cycle or before that, EM was the second largest expander of residencies by a long shot. Like 15% growth. It was more than internal medicine I believe even. Each of these places are pumping out a minimum of 6 grads, but I'd bet the average is at least 8-10. I'd also argue that EM is the youngest physician workforce.
2018-2019: 11 new EM programs
2017-2018: 8 new EM programs
2016-2017: 11 new EM programs
2015-2016: 4 new EM programs
etc.
These numbers do not include the programs that were converted from AOA to ACGME. So these are purely new programs. Not to mention how many docs I see posting in various places talking about how they have a residency coming soon like it's a good thing.