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What really needs to go is the outdated Electoral Vote system...
what would replace it?
The Electoral College protects minority interests from a tyrannical majority. For example in a direct election, since African-Americans account for about 13% of the population, they could only account for 13% of the vote. In the Electoral College, African-Americans account for 25% of Alabama's 9 votes, 27% of Georgia's 13 votes, 31% of Louisiana's 9 votes, etc. Farmers, once a very influential constituency, now make up less than 4% of the population. Why would a candidate worry about this small group in a direct election? In the Electoral College system, farmers do make up sizable parts of several states, and thus their combined strength in a smaller pool of voters gives them more power. Because minority groups (be they African-Americans in the south, farmers in the midwest, etc) are usually concentrated in some states and not spread evenly throughout the country, their influence is greater.
The Electoral College prevents candidates from ignoring smaller states in favor of big metropolitan areas. In a direct election, New York City would have about twice the electoral clout of the states of Alaska, Deleware, Montana, North Dakota, Vermont, and Wyoming combined! Why even campaign in those six states when you can double your impact by spending more time and less money in one city. The needs and issues of small rural communities would be outweighed in the candidates' mind by those of large urban areas.
The Electoral College helps prevent a candidate from pandering to one region, or running up their votes in certain states. Sports fans understand this aspect very easily. In a baseball season you don't play 100 odd games, add up your total runs from all those games, and the teams with the most play in the World Series. Teams would just run up the score on weaker teams to balance the closer games against tougher opponents. In a direct election, Democrats would run up the vote totals in safe states like Massachusetts and Republicans would run up their votes in states like Nebraska. The Electoral College forces candidates to concede states their opponents are winning handily and contest the tight races.