Plenty of folks know COBOL - the problem is you need to entice someone YOUNG to learn it, which basically means overpaying them. If I'm an 18-year-old why would I focus on learning a programming language that puts me in a job with 0 chance of advancement? Sure I'm irreplaceable to the company, but I've also only got a handful of other places I could go if they treat me poorly or sunset their mainframe.
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