Here's how I see things

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In twenty years when the Boomers are fertilizer the Republicans will lose their stable base and become ineffective on the national stage, unable to win majorities in Congress or the Presidency. Migrants from Mexico will turn Arizona and Texas into Blue states sealing this fate. The plan of the GOP short term is simple. Keep Texas in their camp as long as possible. In the long term they will try to shift their base into the Midwest by appealing to it's largely white rural areas. This won't do it for them because they won't win the cities like Chicago and Detroit.

When I...a baby boomer...am..."fertilizer"?

There is a way to put things, and then there is a way to put things.

But putting that aside...

Yes...back in Sixteen, when the GOP fielded candidates like Rubio, I figured that the GOP would angle to get the Hispanic vote. On the american chessboard - the GOP could balance out the fact that the Dems "own" the Black vote, by owning the Hispanic vote. And one could envision them achieving that. Hispanics tend to have GOP values like entrepreneurship, and religiosity. One could imagine Hispanic Catholics allying with White Anglosaxon Evangelical Protestants to bolster the GOP. As Reagan said back in the day "most Hispanics are Republican. They just dont know it yet".

But in Sixteen both parties had surprise populist uprisings. Sanders almost overturned the Dem establishment, and Trump succeeded in overturning the GOP establishment. But Trump's winning populism was xenophobic, nativists, and outright racist. So my vision of a multihued Hispanic flavored GOP isnt gonna happen any time soon. Counter to my expectations they arent trying to cast a wider net to catch more voters. They opted to surpress voters.

Now that the GOP elite has made its deal with the devil by embracing Trumpism -its painted itself into the corner of nativism (if not outright racism). And (as you say) the demographic trends of generation and of ethnicity are running against them. So to stay in power the GOP has no choice but to rely on (a) voter suppression, and (b) stopping immigration.

They said the same things in the UK about both the Labour Party and Conservatives over the last 35 years.

One party wins big and the other looks like it’s demographic support group is in decline.

Never works that way. Governments annoy people and become useless and corrupt appealing to an alternative.

The alternative in this case is nearly always the last party to gain power that has just appointed a charismatic leader that says he / she intends to change things.

So the US will be remain a two horse race for a long time.

Democrat party is a pro-business conservative party.

With globalization, maybe no party can support local labor, because they know it's futile.

We cannot compete with third world laborers/lower costs.

I'm a late boomer and will be 79 in 20 years. You're math is a bit off. I could live well into my 90s.

You think the United States will exist in twenty years?
Thats pretty optimistic.