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1) One's overall career experience no longer matters. Either you're a cheap, blank-slate who's fresh out of college or trade school, or you're an "experienced professional" which means you have 5+ years experience in that *exact* industry with that *exact* tool-set following those *exact* same processes as the hiring company has in place. Anybody else is "unqualified."
Since there's a manufactured shortage of "purple squirrels" that meet all the absurd job requirements, companies instead hire the cheapest people they can. This means visa workers or illegals (depending upon the field), as well as some younger citizens just so they can claim they "hire Americans." They'll then get rid of you one you hit your 30's, but who cares? There's another crop of disposable young folks following you.
2) Lower health care costs. Don't get old and don't get sick or you'll cost the company a bit more money and some manager somewhere will get a smaller bonus. If this keeps happening, the executives will have to settle for owning only 2 yachts, and we can't have that! So, instead, hire young, healthy, cheap people and trash them when they get older or sick.
3) "Corporate Culture" is all that matters. Technical skills mean less than one's ability to BS, kiss rear, and be molded into whatever the company wants. Older workers are less tolerant of BS and have some idea what they are doing. This makes them more likely to speak up and disagree with plans that lead to corporate ruin, the death of innocents, and so on. Since speaking up means management might be wrong, it is best to get rid of older, experienced people and replace them with younger folks who lack the experience to recognize subtle, yet horrible, decisions.