Did this system ever work in a way where you had actual results the day after the election?
So, based on the predicted results of Ohio (where people were apparently still voting at midnight? Where over 100 000 ballots won't be counted for the next 10 days? And on which the news agencies can't agree? [They also can't agree on Michigan?]) - Bush may have won? But like last time, nobody will know for sure for some time?
And I thought only this Electoral Votes system was weird.
*is fatalist*
*settles down to wait anyway*

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Yeah, it has worked better, in the past. In most of the presidential elections I've lived through, at any rate, the majority has been clear enough that there hasn't really been any need to stress over the absentee ballots and the like.
We operate on "winner takes all" here on the state level, you see, so it's only when the race is very close that the absentee ballots really matter at all. If the race isn't close, then it really doesn't matter when they get counted, because they don't represent enough votes to matter. In fact, voting on an absentee ballot (as I've done a couple of times) used to feel quite pointless, as things were almost certain to be decided before your vote was even counted. It was rather depressing, actually.
I think those days are behind us now. We're now seeing far more hotly-contested races and a lot more people voting absentee. The combination is...well, as you've noted. Problematic.
Even leaving aside that problem, though, I think that our system is deeply flawed in so many other ways. The Electoral College is, as you imply, just plain wonky. "Winner takes all" and the lack of either proportional representation or run-off voting creates an effective two-party stranglehold and stifles political expression. And...
But you didn't want a rant, I'm sure. So I'll just say...yeah. It's messed up. Big time.
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When I was listening to the news this morning, it just couldn't understand the rationale behind waiting 10 days to count the absentee ballots. Our general discourse on voting systems around the world at school certainly didn't mention it and the bbc seemed a bit puzzled, too.
I guess when the system was implemented it made sense, but judging from the comments on this and the last election, a lot of people seem to think it outdated. But changing something like this is nearly impossible.
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My guess is that it was probably originally intended to ensure that all of the ballots had been received before they got counted--in case there were hold-ups with the overseas post, as might well happen in a time of war, perhaps? But I really don't know.
I think it's just one of those quirks of the system that nobody really thinks too much about until it becomes a problem...at which point it is much too late to do anything about it.
And also, as you say, changing things like voting protocols is always difficult.