If by power you mean actual power, as in political and economic power, then it has not shifted, no. Just look at the Congress. This kind of power tends to be accumulated with age. But Congress as any other institution that attracts people who are attracted to power isn’t really an example of the brightest people of their age.

If by power you mean cultural and perceptional power, then yes, it has shifted, and it’s a reflection of increasing levels of narcissism in society. Depression epidemic is also a reflection of it. The more affluent the society is, the more superficial become the values that tend to occupy the central stage. Because there’s nothing more to do than figuring out who’s better than whom, be it career and success, beauty and health, coolness, sexiness or fame. Older folks who are closer to understanding of how stupid it all is because they are closer to death, don’t possess any of that bling, so they are not listened to. Stupid never listens to wise.

But it’s not that one-sided also. In every generation, there are young people who desire to be more free than their parents were, so they push society towards a more liberal agenda. This is good. From the perspective of an older conservative person who is old but not yet wise, this seems like the power is shifting to the young and they’re “doing it wrong”. He laments the shift of power because he thinks his values are superior to youth values. He is deluded, he is wrong. Young people always yearn to be free, free in their expression, free in love, free in life.

But the truly wise, who can see both the good side of the youth’s thirst for freedom, as well as their foolishness and self-adoration stemming from their narcissism, are never listened to because they don’t want any power of their own.