Well that is a pretty dramatic title. I didn't think it up myself though. I'm not so pessimistic. It is the title of a post I read recently though. There does seem to be a lot of bad news in the field of Computer Science these days. I also read recently that Cambridge University in England is having trouble attracting as many computer science students as they would like. One quote from the article is interesting.
Cambridge professors blame the dwindling enrollment figures on their field’s ongoing image problem
Image problem? Well yes. Would you want to be many of the computer geeks you see on TV and the movies? And worse still there is the image of all the jobs going away. Scary stuff. And in fact there is a lot of evidence that the actual need for computer scientists is going up. Bill Gates who regularly laments on a looming shortage recently also brought up a desire to see more African-Americans and other minorities in the field. Now even if you see that as some sort of politically correct purely social goal or see real value in a diverse workforce I think most would agree that computer science offers a good career path for many people. It should be open to all regardless of race, gender or other attribute.
But if I can come back to the article that started me off on this thread - the one called "Is Computer Science Dying" - one of the things I really like about it is that it addresses the famous quote by Edsger Dijkstra who claimed, "Computer science is no more about computers than astronomy is about telescopes." It's worth the read just for that discussion.
My answer to the title question is that computer science is not dying. It is changing and the perceptions of it are changing. I think it is also rapidly becoming ingrained in more and more disciplines. It is like math in that even people who don't major in it are increasingly finding themselves in a position where they have to study it more than perhaps they originally thought. Rather than moving more into the hard sciences as an engineering it is becoming more and more a true "liberal art."