The baby boomers’ deaths will not affect the national economy nearly as much as their retirements will. Baby boomers as a segment of the population have not saved enough money (where money is a representation of work) over their working life to give themselves an adequately similar lifestyle over their retirements.
Plus, baby boomers hold high-level positions in companies simply because of their work experience and skills acquired over their careers. When millions of these boomers retire beginning in 2008, many jobs will be hard to fill with new people because there simply aren’t enough skilled workers in the US to supply all the spots companies would like to fill. Meanwhile, there is an absolute glut of unskilled workers, which continues to grow.
In short, underfunded retirements will force baby boomers to work longer or take reductions in retirement payments from social security and their own private sources, and skilled workers will probably see their wages increase substantially as employers struggle to hold onto the skilled workers they can find.

It will have a limited effect because America is growing like crazy and letting in over 1.5 million immigrants a year. They will take over for the baby boom.

The “echo boom” (the boomer’s kids) is also quite large; they’ll also be very tech savvy and, out of all of the succeeding generations, will have the largest amount of college grads.
As the other posters correctly mentioned, boomer deaths won’t affect the economy as much as their retirement and health care.
That’ll be costly; it’ll happen before the echo boom hits their highest earning potential. We’ll be taxed to our knees paying for their health care and pensions – and those benefits won’t be there for Gen X-Z. But it’ll even out eventually.
Life Insurance companies are making lots of money; the Boomers will live longer than expected; Life companies are highly regulated and are required to have enough money to pay claims. They’ll be fine.
The dollar will go up or down depending on interest rates(primarily), the economy, US Fiscal (taxing and spending) policies, exports/imports, etc. It always fluctuates – the Fed essentially moves it up or down by setting target interest rates.
The current interest rates are probably too low & will cause inflation; to raise interest rates now, however, would likely cause a recession, business failures, unemployment, etc. Time will tell, as it always does.
There is currently a trend towards middle income families moving up in income and moving down – upwardly mobile and downwardly mobile-the middle class is separating and moving toward either ends of the spectrum, richer or poorer.
This is arguably independent of generational demographics; it’s likely a function of our economy moving away from lower skilled, mass manufacturing towards specialized manufacturing and highly skilled services.
This favors skilled and educated workers, but there’s also a substantial group on the other side of the “digital divide” that’s seeing lower incomes and standards of living.
The 21st century American economy favors the knowledge worker like never before – the state of our public eduction systems leaves much to be desired, in many instances. Again, time will tell. But Boomer deaths won’t hurt the economy.