I agree, GL, though many societies see old age as something worthy of
extra respect. Sometimes, it has taken the form of fear of witchery, as in the middle ages when old women particularly were seen (and burnt) as responsible for village ills, but at other times, old age itself is seen as venerable because of the wisdom accumulated through the years.
It's actually an interesting question because to me it's not an either/or issue. Old people can be a source of great wisdom and moderation, but they can
also be a drain on a society's resources. It's for society to decide whether the resources that old people provide are actually worth the resources that they cost.
Of course, a person's view will change the older they get!
It appears to me, though, that the equation has lately been drawn differently, and that youth culture is dominant pretty much everywhere in the Western world. As such, society would seem to have decided that whatever respect old people deserve does not warrant the drain on resources that they represent.