people are leaving nursing due to the high stress and low pay
No amount of money is going to keep someone who has burned out on high stress, but this does nothing to increase the labour available anyway, unless you think nurses have "quite quitted" and will only do more work for more pay. But that is an insult to think that they have done that as clearly that is not the case. So, I'm not sure you've made yourself clear.
we have a shortage
A shortage is a situation where an external mechanism prevents price from rising. If we truly have a shortage, paying more is fundamentally not an option. Of course, we don't have a shortage and I'm not sure why you are trying to claim that we do. Wishing you could have something is not a shortage. If it were, there would be effectively nothing not in a shortage situation, leaving it to be a meaningless term.