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.
apps.acgme.org
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.