“Since the old pilot standards had already resulted in an incredible safety record, why did we need to tighten it to the point almost no one can afford to learn to fly?”
Excellent question. Here’s the answer: Regulations had little to do with safety. Government is rarely the answer. Airlines needed safe pilots because crashes are terribly expensive. Airline safety requirements far exceeded FAA safety requirements. However, as businesses get dumber and dumber along with all other businesses, their safety decisions suffer to the point they have been reduced to meeting only the minimum FAA regulations.
Since the old system already had a great safety record, the airlines do not need the new system to prevent crashes.
As for the lack of young pilots...I’ve noticed a trend in teens showing no interest in learning to drive. They would rather play video games. Teens who do not want to learn to drive REALLY are not going to go $100K+ in debt to learn to fly!