If the Europeans have plenty of doctors, then why do they have to ration healthcare?
My view is that government should not be in the business of paying for medical school. There is plenty enough money in that profession to justify going into the field without a government subsidy. The problem is not money. The problem is that the medical schools, teaching hospitals, and AMA are in charge of deciding how many people can go to medical school. And their decision in that regard is not really based on the quality of the applicants so much as it is based on their own self-interested judgment of how many new doctors we need. As you can see, they have a poor track record in making that assessment.
See my explanation above. It costs them a fortune to produce those doctors. That is one reason that they must ration health care.
Believe me, doctors are earning less. They pay a huge price to become trained. If they earned even less because of increased supply, fewer and fewer quality people would choose to make the sacrifice.