One factor is probably that people can't afford to retire, or they go back to work part time, so the entire work force is growing older, while the young are unable to find jobs. (And that's a circular problem too: older workers having to hang on, because their kids are still at home, unable to find steady work.)
Probably, most of the older workers didn't go to university, or have any higher education; some developed a specialized skill; many learned on the job, while the young executives, managers and supervisors have MBA's.

I wanted an MBA once. I had trouble with accounting. I was good at everything else including finance. Just not reformatting into standard accounting practices. Lol. I wish America had less debt. We'll never catch up.

We'll never catch up. — TiredThinker

Catch up to whom? Everybody's in debt, except Switzerland. The whole world economy runs on compound interest; Switzerland runs on keeping it safe.

I was wondering what the take away should be with more younger people being boss to older people? Less reliance on experience or wisdom? Direct management training that doesn't specifically teach the main drivers of the industries, just HR and general management skills? Or are these younger people actually more ambitious somehow? What's going on? — TiredThinker

I can give you my narrow perspective, as a 70-year-old retiree of a big oil company.

Salaries were based on "classification level" (CL) irrespective of whether they were in management or were individual contributors (IC) Staff with strong skills at their jobs but lack management skills, can advance to higher CLs by remaining ICs. Good managers need management skills, not the skills to be the best ICs.

Finally, most people don't want to be managers in an environment where the title and responsibility doesn't result in higher salaries.

Dual career ladders are great but not enough companies have them. A good manager for true subject experts is basically having a secretary that does all the crap you don't want to do.

I was wondering what the take away should be with more younger people being boss to older people? — TiredThinker

I imagine a massive range of diverse situations (cultural, economic and historical) probably accounts for this age gap. Also sectors. How this looks in retail will be different to how it looks in a health setting.

I think if a boss is 45 and you are 55, who cares? Where I think it can get tricky is where your boss is 28 and you are 58.

I hold the view (based on management experience) that managers and senior leaders often don't know what they are doing, regardless of age. They rely on the team around them to get things done and follow, blandly, the organisation's strategic plan. No innovation necessary.

Personally, I don't buy the idea that older people always bring wisdom and experience. In some cases experience is a teacher of poor, outmoded habits and perspectives. Wisdom can be found amongst the young.