I have a few thoughts on these comments.
1) There is ABSOLUTELY a difference between a 70 year old pilot and a 50 year old pilot. Medical studies absolutely show that mental acuity declines as you age.
2) Reducing the experience requirements is not about the pilot shortage. It is a justification to continue to pay "intern" wages to pilots. They are getting very close to losing the battle to labor. A4A has a very big interest in ensuring this doesn't happen because otherwise the either have to pick up their own feed (more $$) or pay more for outsourced labor (more $$). Either way, it's a lose/lose for them.
3) No matter what anyone tells you, the same pilot with 300 hours vs a pilot with 3000 hours will be a much better pilot in the latter scenario. Experience does matter. I learned more about aviation and flying after 500 total time than I did in the first 500 hours.