Socialist power has never hinged on bourgeois electoral processes. So yes, the bourgeois is gathering the reins of its power to itself, but as they do that, and the working class awakens more and more to the fact that they are excluded from bourgeois democracy, alternate forms of power will be formed. Hopefully leading to a revolutionary moment that can dismantle bourgeoise democracy and enact socialist democracy.

I agree that doesn’t seem likely in this moment, but dialectical analysis suggests this is how revolutions happen, by the ruling class hoarding power and wealth too much in the face of growing worker’s demands.