What to do when your boss won't quit?

I’m stuck in a really bad situation.
My boss has completely lost interest in his job. Our store is basically his home away from home. He doesn’t have internet, so he comes in and stays on facebook all day in his office.
Not to mention hes a gossip-monger, who constantly puts down the managers in our other five stores right in front of the other employees. This man is very unprofessional. I won’t even go into the belching and other audible, public bodily noises.

A woman supervises the managers in our five different locations. She sees how he behaves but ignores it. The tricky part is that hes way past average retirement age. No one wants to fire him so they’re just waiting it out. He always says once he pays off his house, he’ll retire… but isn’t that a bad reason to work somewhere? Shouldn’t he enjoy the work environment?

The boss is really making the work environment very uncomfortable for the five employees at our shop. Everyone wants the shop to go well, but the boss’ rudeness and disinterest in even advertising events has turned our store into a ghost town.

I’m beginning to resent the woman supervisor because she doesn’t hold my boss accountable for his actions. And going in to work every day, seeing him slack off while I work hard, is insulting.

Whats your opinion? What should I do?