No, it is not broken, It is doing what it was intended to do all along, deny the averagean any say in his/her fate. The American political system, established by propertied slave-owning white men, was always intended to make capitalism its guiding principal, not equal rights of the freedom of all men. The preservation of privilege, plutocracy and political primacy was always the guiding light, not the revolutionary idea of popular participation. The French Revolution, with its attendant bloodbaths, disabused most Americans of the wisdom of true "democracy." So big business, corporations and overseas capital ensured that the system was controlled by money to preserve, promote and amplify their control and influence. The Republican party has coupled its grotesque corporate welfare for the wealthy with its clever propaganda of patriotic bombast and fear mongering to make Joe America equate his well-being coincident with Microsoft's. Wrapping themselves in the flag, finding enemies where none exists (don't get me started on the 9-11 mythology) and using smokescreen issues like gay marriage and illegal immigration to deflect attention from their own corruption has worked marvelously well. And the Democrats participate in the fraud by acting the role of the red headed stepchild, all the while reaping corporate benefits and ignoring their constituent's will for universal health care and getting out of the Iraq criminality.
In summation, the system is doing what is always was intended to do, placate the masses with the illusion of their having any say in their fate while ensuring that Big Business pulls all the strings and buys all the votes. In America, money is God, Governor and the Guiding Guile.