Did our government really spend 100's of hours on behind the scenes government funded research to come up with this?
Let me run some numbers for you:
$140,000 loan at a conservative 5% interest rate will set you back $750 a month, every month for 30 years.
That's $9000 a year for 30 years.
And that's AFTER TAX money. The equivalent of $14,000 pre tax of income per year, every yearfor 30 years, just to pay your student loans.
That's $420,000 of lifetime income required to pay off student loans for the average tax paying doctor with the average student loan debt.
The government says they are willing to forgive $2000 a year for up to 5 years for serving in an area of need.
If a physician makes $150,000 working 40 hours a week, that's the equivalent of about $75/hour.
How much is $2,000 a year?
That equates to 27 hours of work, or about 3 days of work a year.
To put it another way, $10,000 out of $420,000 is a whopping 2.4% of your lifetime student loan debt.
The government wants you to go work in underserved areas and then deal with all the incredible headaches that come with the Medicaid rules and regulations, the slave labor wages, the social and economic issues, the quality issues, the legal issues.
The government is going to entice you to go work there. And in return, for working there for 5 years, they will pay you the equivalent of 2 weeks pay.
Or 2.4% of your student loan debt.
Hilarious.
And that's why government shouldn't be running health care.
Because the same morons who spent hundreds of hours of legal crap coming up with this stuff are the same people who are destroying the free market principles of physician business owners everywhere.



While this is ridiculous way to expect to accomplish anything, I don't see the free market attracting physicians to rural areas in droves. At least the Government, in a completely unthought through way, is addressing the problem.
ReplyDelete10k! awesome!
ReplyDeletemormonmd,
ReplyDeleteWhat "free market" are you talking about? You surely can't mean the current highly regulated third party payer mess that most of us have dealt with for all of our medical careers.
The closest thing to a free market now are the cash only practices.
Thanks for the eye-opener post. Cheeze Whiz...
ReplyDeleteWow. A whopping $2k per year! My husband's student loan payment is $2k per month--and that's after "only" four years of residency (anesthesia). Do they really think the surgeons and subspecialists will beat a path to their door over this? "A drop in the bucket" would be an overstatement.
ReplyDeleteAn amount that would inspire Physicians is probably more like this: all medical school loans repayed for 6 years of rural work.
ReplyDeleteAren't doctors in rural areas very well-compensated when compared to their urban peers? It'd be the cherry on top of the sundae.
ReplyDeleteIf you were talking about $10,000 for working in the ghetto, that's another story.
Hilarious.
ReplyDeleteThey just don't get it, do they?
ReplyDeleteIt's insulting. It would have been better to not do anything at all.
ReplyDeleteAnonymous: "areas of need" would be defined as low-income areas, not rural. The "ghetto", as you say.
ReplyDeletethis could all be solved by making all senators, representatives, governors, and the like, be insured with medicaire/medicaid only AND not be allowed to pull rank. it would be fixed within days. pardon me here for a moment (profanity to follow and i completely understand and respect it if you 86 this comment)....
ReplyDeletefuck the fucking idiot fucking lawyers and lawmakers who created this fucking mess. just fuck 'em sideways with a barbed dowel.
can I just say "....with a barbed dowel" is brilliant. Sometimes the english language can just be fun. It makes me feel kinda warm and fuzzy really.
ReplyDelete