"Surely there is some difference between a grizzled old COBOL programmer and a young guy with a current skill set."
Surely there is. However, there are lots of "grizzled old" guys (you know, in their 40s) that have nice current skill sets. I'm one.
I've seen the prevailing wages for software developers deteriorate drastically over the last 5 years. Sure, there was a lack of demand after the ".com bubble" burst. That lack of demand was radically exacerbated, though, by a huge influx of H1B visa holders brought in to combat the *supposed* shortage of qualified software people during the Internet boom. (Hint: there wasn't actually a shortage.)
First of all, the entire H1B program was designed to provide *cheap* technical labor, undercutting free market economics and shafting American software developers. Don't believe the lies about H1B holders making "prevailing market wages", current information shows that was a sham. Second, the program wasn't curtailed whatsoever after the Internet bubble crashed, the politicians simply let American software developers twist in the wind. Even today, engineering unemployment rates exceed national averages. Now we have the H1B program being EXPANDED again. Brilliant.
I find it unsurprising that few students today are choosing science and engineering careers - our society's attitude towards and treatment of those who wish to devote their lives to such things speaks for itself.
Me too, except I'm 56. I'm now operating at 80% of my entry wage into the market based upon inflation and my present salary. I'm at the peak efficiency and knowledge of my career. The work I do requires a mere shadow of what I am capable.