But I'm more thinking of the former. People under 40 don't have fond memories of the older party stalwarts, for example (for better or for worse). They don't remember Clinton impeachment. The examples aren't the point, but I bring up the examples to suggest there's a weird lack of continuity, of "shared history." Not simply because The Kids Today don't know the past, but because of an actual discontinuity. Probably not going to explain this well.
The Kids Today, even the D ones, don't have the fond memories of the Dems of past. Except Obama, and I'm not sure that's been fond for awhile.