Why have young people lost interest in IT jobs?

It really is hard to understand why fewer young people are going into Information Technology (IT), or Computer Science (CS), or whatever they decide to call it next. Who wouldn't be eager to major in a subject for which it will be hard to get the first job, because they don't have experience. Then, if and when they finally do get an IT job, they will become obsolete every three years unless they are lucky enough to work for an employee who adopts the newest technology and allows them to work on it. If they take courses in the new technology, it doesn't help to get a new job, if one is needed or desired, because employers only want people with several years experience in that specific technology. Then when they get to be 40 years old, it gets increasingly difficult to find work in IT. If you're in your 50's, you may end up working at Waffle House, as a teacher's aide, on the floor of Home Depot (real life examples). There was a loss of 400,000 IT jobs between 2001 and 2004.
And business "persuaded" (aka bribed) Congress to change the overtime laws so they don't cover most IT professionals, so that they are often required to work 50-60 hours a week for a salary with no Overtime. Golly, who wouldn't jump at such a job.