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I suppose by biggest beef with the two party system is that cannot get behind all, or even most, of either camp's ideologies. That is to say that the far right and left radicals of the parties share views I just don't subscribe to. Take for example the Republicans: Homophobia, racism, bible thumping, fear of scientific advancement are a few named problems I have with the far right.

I believe the two party system no longer serves the interest of its people as evidenced by the growing numbers of the independent party. The problem we have now is the "us versus them", zero sum politics that we have allowed outside investors (see big business) to influence.

Edit: I forgot to mention another real problem for me is voter apathy and strategic voting just to be sure the other guy doesn't win, even if your guy is a real fucking asshole.