I agree with this in principle, but I think if we get away from the two-party system we risk becoming like Italy or Great Britain. Many political parties, each vying for representation, and no one having a majority. That leaves the door open for all sorts of political scheming, temporary party alliances, and in general lots of confusion. I think that as bad as our current two-party system is, a European-style party split would make things much, much worse for our country, and hinder any decision-making processes.
