I'm a grad getting in to webdev, and I find this fascinating - is it really that bad? Every company I've interviewed at so far has been lenient as long as you know how to solve a problem in a somewhat relevant lang/tech.
I would worry about it and I'm only close to 30 but I'm self employed now.
I think it's more like Uncle Bob says: the number of programmer has doubled every five years. A consequence of that is that those of us who were in it for a long time (30 years in my case) appear to be surrounded by a sea of youngsters with no clue. Personally, I realized recently that not only I don't have a fear of losing my job - I'm starting to find it strange when others tell me about it. (I'm re-reading Clarke Ching's Rolling Rocks Downhill and I find it harder to empathize with the protagonist than it was a few years ago.)
I have done it twice in the last five years - in both cases because I wasn't allowed to improve the quality of the code. In the first case, it was because "the client isn't paying for that, they're paying for features". In the second case, because "that code was written by the NY office and they're going to be upset if we change it".