How did baby boomers affect the economy in the 1950's? Do they still affect the economy? How so?

In the 1950's, manufacturers of baby products reaped huge profits due to the exceptionally high demand as the population increased after World War 2. Baby Boomers are now regarded as the generation that had the best work ethic, but now that they've grown, they're all reaching the age of retirement. Not only do retirees produce and contribute less in an economic sense, they tend to spend less as well, which is not a good recipe for economic growth.