As a general rule, horrible bosses should have a short shelf life in a positive work culture. However, if this particular boss has survived for a long period of time, it tells me two things. Either he/she is operating in a negative culture which supports his/her leadership style, or this person is well connected and protected by the higher ups. If this boss has been in this position for a short period, or is operating in a positive culture, just wait it out a bit because this person won't last very long. On the other hand, if this person's leadership style is accepted, then you should consider leaving, because it is highly unlikely that things will change for the better.
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