Huge disparities in income and wealth translate into comparable disparities in political influence. To see how this works, let’s look at a fairly recent example: the budgetary Grand Bargain that almost happened in 2011.
Both the Obama administration and Republicans were staking out positions that flew in the face of public desires. A large majority has consistently wanted to see Social Security benefits expanded, not cut. A comparably large majority has consistently said that upper-income Americans pay too little, not too much, in taxes.
https://www.nytimes.com/2020/07/01/...l?action=click&module=Opinion&pgtype=Homepage
For those who think Obama is a hero of the Democratic Party. He was far closer to Republicans on issues that mattered: Helping the Upper Class stay in power.