Time for a Third Party?

About every other presidential election cycle, significant portions of the electorate declare that they have had enough of Washington politics as usual and are ready for a fundamental change in they way things are done. Some years this feeling is more pronounced then others. In fact, I would argue that the current sentiment is stronger than it's been in at least half a century.

Come January 20th, 2009, the country will have endured 16 of the most polarizing years, perhaps ever. For 8 years, Bill Clinton ruled the country and while he was adored by his party, the opposition Republicans despised everything he stood for (even though, I would argue that Clinton was the most successful president ever in implementing conservative legislation; welfare reform, aggressive free trade, a balanced budget, and Don't Ask, Don't Tell). For the past 7 years, Democrats have almost universally despised George Bush, while Republicans (up until very recently) have stood with him.

The impact of this has been profound. The electorate is more polarized then ever. Moderates and centrists have been purged both parties or have themselves been forced ever closer to the fringes. This has left a gaping whole in the middle of the spectrum. This is why talk of a third party has reached a fevered pitch and candidates are attempting to appeal to a huge mass of swing voters.

But how logical is a third party? After the debacle of Ralph Nader's 2000 Presidential bid, many left wing Democrats have reconciled themselves to work to promote a viable Democratic candidate rather than to go out of the mainstream. But this is the dilemma that Presidential candidates from both parties face. How to appeal to their respective bases during the primaries, while still remaining viable in the general election?

More on this later.