The elites in the U.S. were smart, they knew our democracy would not last long, and that another revolution would eventually come unless they trickled some of the wealth down and created a large middle-class.
With the approval of the elites the middle-class in America was allowed to grow and somewhat prosper during the 20th century. And of course the elites prospered more than ever.
What happened, over time, was the people wanted even more, and one could debate that they deserved more. So American voters started primarily electing officials based on what they felt they would get in return monetarily for their vote.
Affluent Americans have been doing it since the birth of America. That is, they would support politicians with large cash contributions in exchange for political favors from the politicians later on.
That brings us where we are today, an electorate that includes both rich and poor, electing politicians based mostly on what they feel they will get back from the politicians on an individual basis, and to disregard what may be in the best interest of the nation as a whole, and what may be best for future generations.
However, there's one tiny little problem with that way of voting and you can easily see it today in Greece: There's no more money left for the politicians to give away.
And affluent Americans are definitely not going to pay more. And even if they did, at this point even they don't have enough money to cover all the debts and future obligations.
Meanwhile, U.S. politicians will continue to get elected based on making promises they cannot keep and giving away as much money as they can. Everything will look OK on the surface as long as they can continue to borrow more money.
But don't kid yourselves too much longer. The president and Congress don't go out in back of the White House and pick the money off a money tree, they go to the government bond market and borrow it.
Sooner or later, investors are going to realize there's no way the U.S. can pay all the money back and they will say no more government loans.
If you want to know what happens when a country's government bond market collapses, again, all you need to do is just look at Greece, the birthplace of democracy.