This phrase annoys me. As Wild pointed out, not everyone votes. Also, there is no singular "will of the people."
Further, it encourages voter weakness. Our government is broke and doing stupid stuff. Well, who controls that? The people voting.
The real problem is that people behave as a herd and thus, always vote for stupid things they don't want, and then blame someone else because it wasn't an individual decision, it was a group decision.