New York's new mayor swept into office on a campaign against inequality. President Barack Obama has made any number of speeches about the rich who don't pay their fair share. And yet, nationwide, this has not translated into big gains for the Democrats who are pushing it.

Why is a phenomenon that keeps being heralded as the defining issue of our time such weak tea at the ballot box?

As a new article from Bloomberg News explains, Democrats aren't benefiting from hammering on inequality because almost all the areas with the worst inequality are already controlled by Democrats: