Continuation of these programs, especially expanding the
loan program for the residents, requires increased capital for the Foundation. The
only source of income to the Foundation are the kind and throughtful tax-deductible
donations from the anesthesiology community. But what's the big pitch for anyway?
I am sure many of you think the resident today has it made. "They're
making $30-40 grand a year! Heck, I only made a coupla thousand. In fact, I
just saw one drive up in a Mercedes. What do they need my money for? A new
Jag?" Whereas, I am sure there are those who abuse the system, the vast
majority of the residents have a real financial problem. But how big is this
problem?
At a Board meeting for the Foundation, Dr.
Michael Smith, a past President of the ASA Resident's Component Society,
presented the results of a survey he conducted of all the residents in
anesthesiology in 1994. This five-page survey asked a number of
questions, but what was most alarming was the
magnitude of the resident indebtedness. The average CA-1 has a mean average
indebtedness of $67, 120 before entering residency, and if their spouse has persued
a professional career, an average spousal debt of $39,741! By the time
they finish their residency as a CA-3, their amount of debt has somewhat
decreased to $62,714, partly because of the income they did not realize
prior to their internship. This decrease may be false positive,
however, as the average reported credit card indebtiture increased
from $5,140 as a CA-1 to $10,950 as a CA-3.
These results are in keeping with a study performed by the
joint project of the Association of American Medical Colleges (AAMC) and AMA Liaison
Committee of Medical Education (LCME) published in JAMA (1995;274:723-30). The mean
educational debt for all medical school graduates was $63,434. This is a dramatic
increase from 1989 when the mean indebtedness was $42,374. Indeed, the percent of
graduates with a debt over $50,000 was 28.7% in 1989 and 50.5% in 1994. Resident
indebtedness is a real concern. The future of anesthesiology is markedly threatened.
What can be done? We need to educate the resident on money management and
budgeting. What can you do about it? You can support the efforts of the
Anesthesia Foundation with a donation. I can absolutely assure you that all the
money donated is distributed to the residents; the trustees donate their time and work
gratis. This is a tax deduction you can be sure will reach its goal. None is
wasted on expensive Board meetings in the Bahamas. What comes in goes out.
Simple. Direct. Worthwhile.
You cannot tax defer your income any longer and your
deductions continue to be restricted by the IRS. Why not give it away to a worthy
cause? I am certain I speak for the residents when I thank you in advance.
Authored by Dr. Tom
Johans, Anesthesia Foundation Vice President, edited
by MPS
