America’s two party system survived for more than 200 years because the median voter model, espoused by Duncan Black (1948) and by Anthony Downs (1957) largely worked. The exception was 1860, when the Democratic Party split in two. The divisive victory of Lincoln and the Republicans led to the immediate sundering of the republic.
Since 2008, the median voter model has not worked in the United States. The gerrymandering of districts has led to a House of Representatives increasingly polarized between Left and Right, and unwilling to compromise into the middle ground. President Obama, whether because of ideology or intellectual challenge, or some combination of both, shows no willingness or capacity to lead the parties to the middle of the political spectrum.
However, the middle of the political spectrum is precisely where the vote majority lies. And an ambitious political entrepreneur would now identify an opportunity to create a new party, located in that middle ground, and capable of reinvigorating the broken political system. Ross Perot tried but failed in 1992. But at that time the system was not broken. Now the system is clearly in a state of collapse.
So where are the wealthy entrepreneurs who desire to save the United States from the decline and fall that inevitably occurs when its polity becomes dysfunctional and ultimately corrupt.