my understanding of the history of the u.s. party system is that a two party equilibrium state is inevitable because of the electoral college choke point in the presidential elections. every time in our history when there has been a realignment of the parties leading to a split into 3 or 4 parties it has led very quickly back into 2 parties within 1-2 presidential election cycles. if there is a realignment beginning to happen now, which is not guaranteed but certainly more likely than it might have seemed 10-12 years ago, it’s most likely to happen in the republican party.
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