It still amazes me how six figures is still considered crappy compensation.
There is no way a high majority would be doing this job it sounds like if pay was what it used to be.
That's right, we're from before the explosive gains. Just like everything else, salaries are the margins. And for us who are from the generation where it wasn't all that great, it's kind of funny to see the complaints right now. But survivor's bias is intact, who actually lives to collect on a Walgreens retirement? Think about it this way, how many of your class peers still practice in Walgreens? Surely not more than 50%.
I'd like to see pharmacists actually leave when paycuts happen, but then there's going to be a fresh crop of willing and needy graduates to pick up the slack. It becomes like the nursing and PT markets where there's always a ready reserve when wages move.
Medicine faces the same problem, and so will PA and APRNs when there is enough of a supply though they are right now where we were a decade ago. And this is all before the major cuts upcoming from government. I'll be here to the end, I actually like the practice enough and I'm happy for what it gave me. But no, I don't see the majority of the posters here staying in practice. They have better things to do and are willing to work at doing something else. Unfortunately, there really isn't anything that seems realistically a growth industry out there that a generally educated person can do (there's niche fields like actuary, materials, logistics, etc. to those who really have specialized talents, but it's not as generic as health care qualifications). Entrepreneurship is basically the government's way of saying "we give up" on the institutions more than any particular economic plan, and there is no such thing as Mittelwerk firms in the US.
The rules change so significantly when you've made enough money. You really see the character of people when they don't have to do anything or care about it, and in many cases, you won't like what you see. It's the people who are willing to work after they've made their money that are interesting, those who use these jobs as a means to an end leave the system soon enough. You shouldn't be worried, it won't get significantly worse than when we entered it (low pay, overwork, bad management, precarious labor), these problems are always part of the business. And you should not be worried about the complainers, they'll figure out something for themselves soon enough, or in the cases where they don't choose, management will. The people who understand how the end works should take the rational solutions possible: to remain but in a capacity that you don't have to worry about the end (mine), to use the effective time limit to build enough assets and equity to not need the profession (
@Momus and
@BMBiology), or to retrain for something else that better fits your actual profile (
@stoichiometrist and
@Lnsean). I do have somewhat of a criticism of all three approaches, in mine that you can't escape in the end from a broken system, in the asset building where what are assets worth if they are not redeemable, and in retraining in the sense of you're putting a further time and life investment into something that locks you in further. There's no easy answers but to pick some strategy and bear some risk. And as for the sheeple who blithely go about their practices and their debts, let them have to freedom to draw their own conclusions and prepare (or not). I've got enough equity to be a vulture investor in those cases (have my eye on the lakefront property of a couple of very overleveraged physician homes on Lake Harriet). Time is on our side, and the worse it is for them, the better it is for us in retrospect and now.