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Aside from fundamentally changing our current system, I'm not sure how we would do that, but I like the idea in principle. As the country has grown far beyond what it was in the 19th century when both of the current parties formed, and now contains more than 310 million people, I don't think two parties are representative enough of national interests and groups of people to make us an actual representative democracy.
A third party (or more) would force the parties to work more closely across the aisle to find compromises, much like they do in parliamentary systems in Europe. That also might make government more productive and end partisan gridlock.
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