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MichaelBishop comments on Intelligence enhancement as existential risk mitigation - Less Wrong
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It's highly non-obvious that it would have significant effects. Political process is imperfect but very pragmatic - what makes a lot of sense as there's only as much good an improved political process can do, and breaking it can cause horrible suffering. So current approach of gradual tweaks is a very safe alternative, even if it offends people's idealistic sensibilities.
IQ is positively correlated with sharing economists' views on economic policy Therefore it seems likely people would vote differently and that this would translate into policy changes. I would expect other belief changes would be likely if IQ were increased.