I think up until now we have been at a point where industry has been growing (big companies getting bigger, lots more startups) enough that there's enough jobs

I think up until now we have been at a point where industry has been growing (big companies getting bigger, lots more startups) enough that there's enough jobs for experienced folks (more managers, ICs, VPs) But I wonder what happens if (when?) this growth stalls. Because is experience valuable - undoubtedly yes. But how valuable? Most companies today (startups, big companies alike) have fetishised shipping so much that as long as underpaid college grad gets the job done without asking too many questions, they'll prefer him over experienced person.