I’m surprised he called you old rather than using older or some other gentler way of phrasing it. At the same time I say I’m old or we’re old, referring to where I live, all the time, but I’m including myself.
As far as capitalism, older Americans spend plenty of money. Here is a link, I wish I could have found a better one. https://www.visualcapitalist.com/how-americans-make-and-spend-their-money-by-age-group/
Older Americans know they can’t take it with them, so they vacation, do bucket list fun things especially if they are retired, buy things for themselves, children, and grandchildren.
I think the culture is shifting a little for the better. I feel like people value the wisdom of the older generation more now than 40 years ago. It’s just a feeling, I don’t have any data on that. Partly, because the baby boomers are such a huge group, and for the last 30 years we have been told the over 65 demographic is going to grow and grow as a percentage to the total population in America.
Just to contradict myself, several of my Republican friends said the problem in politics is the older generation, which was a surprising statement to me.
Where I live the people my age (50’s) love hearing all the life stories and wisdom the older people here share. We have a lot of younger people who work here and they always show respect to the residents. I know they are working so in a way they have to, but It’s more than that.
When I moved to Florida in my 20’s and was surrounded by what felt like a disproportionate amount of older people my whole perspective changed. Many of them had more energy than me, they traveled, were happy, enjoyed life, seemed less stressed, and all sorts of other positives.
I think young people think negatively about aging when they aren’t very exposed to a lot of older people. It scares them maybe.