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It’s more complex than that. For example, consider the subject’s complaint that “This old guy is out of touch” as a problem. It has been equally argued, with data, that giving established, older investigators a steady funding stream simply by weight of seniority is strangling promising early career labs.

This argument seems like it needs some evidence behind it.

Where's the infinite supply of scientists coming from?

It’s not infinite, but the boom of funding during the Clinton-era fostered a large increase in faculty positions, especially soft money positions.

From the same place that the infinite supply of budget is coming from.

In the US, in the biomedical sciences, it is pretty easy to be paid to get a PhD, but far more difficult to become faculty, and even more difficult get a grant as faculty. This imbalance has created the funding problem we have today.