Absolutely it did. It may sound cliche, but Plato's "Iron Rule of Oligarchy" states all governments will tend to end up in the hands of a ruling elite, whether it started as a democracy or a kingdom. To mitigate this effect, the US Constitution sought to limit the powers of the Federal government and divide the three branches. Unfortunately, in the name of efficiency and benevolence, the core tenants have been watered down and bypassed over the last 100 years to the point where the effect was able to come to fruition yet again. The only way to mitigate the effect of creating such a beast is to starve it of it's fuel (money) and maintain constant vigilance... this has not happened; quite the opposite, people have grown divided, complacent, and have readily given the government more money and power, creating a giant beast that is now out of control and
collapsing under its own weight.