I see your point there and agree that is what happened. 

However you can look at this differently as well. Instead of doing the sound reasonable thing of making a balanced budget ,no more spending than what is taken in by taxes, and sound fiscal policies, the politicians have sacrificed their principles to ensure they get re-elected again putting their political ambitions above what is the correct path for the country.   

Would any politician stand up and say I don't care about my seat I'm going down there to cut spending, cut programs whatever it takes to put country and financial stability ahead of myself ? Absolutely not, they know they would be tossed and their personal gravy train ends. So they cave on morals and principles and give the voters what they ask for. It keeps the gravy flowing for most but screws everyone else who generally end up paying for the bills and the mistakes.

A true republic is not designed for majority rule. Its designed so the minority opinion (which is now what most of us hold) is not forced to accept an opposing view. 

I know it's all all semantics it's been a long time since we have had a representative republic.  It's turning into a not so benevolent dictatorship ran by a 2 headed singular party with an insatiable thirst for the 3 evils of mankind: money, greed, power.

JMHO