Whose fault is it to be born with an sub-100 IQ? That is, who gets to choose their parents? You? The only reason anyone is reasonably intelligent enough to be sufficiently able to engage in political philosophy has nothing to do with environment, and everything to do with genetics.
This has been well known & understand for millennia: the lower classes simply were not allowed to participate in the body politic. So too was this country's initial foundation based on the same exact principle; only tax paying land owners were allowed to vote and/or run for office.
So who instigated universal suffrage? What was its ultimate goal? Well, I think we can reasonably surmise that we are in fact witnessing the results of this strategy.
Tyrants can rule through overt power, or they can be clever and use the tools of psychology. Via control of media, it is trivial to shape, form and control the thoughts & opinions of the vast number of people who are not equipped to understand or engage in rationale processes.
Blaming the electorate misses the real culprits.
While I agree with your analysis I disagree with your conclusion. It is the electorate. I know many people with good IQ’s that are not able to earn money due to character flaws, lack of interest, lack of business aptitude, poor impulse control etc.