A Stephen Colbert candidacy. Seriously.
Think about it: You've got a popular comedian who openly mocks the political system involving himself in an otherwise confusing electoral process. His creation of a Super PAC (and subsequent explanation of the various PAC loopholes in federal election law) was probably the single greatest piece of public service journalism done this year. By mocking the process, Colbert took thousands of disinterested members of Gen Y and explained to them the injustices of the political system they are subject to.
Without that knowledge, it would be impossible to expect young voters to empower themselves.
(And, it's worth noting, that until the perpetually overrated Jon Huntsman dropped out today, Colbert was polling ahead of the former Utah governor in South Carolina.)
It's really a simple equation. A generation too distracted by their own woes (a depressed job market, massive loan debt, unemployed parents) plus a two-party political system prone to hijacking by partisan hacks on both sides of the aisle equals a disillusioned electorate.
But as I outlined earlier, in order to make their voice heard young voters must master the complicated political system and level their influence not only at the ballot box, but also in the wallets of the two major parties. If young voters were to band together - whether it be at a convention or through the creation of a PAC or Super PAC for the sole purposed of lobbying for moderate positions of the issues most crucial to young voters - they could flex their electoral muscle.
You ask what changes need to be made to the system. I'll keep it brief.
Fewer debates (especially during the primary, when young people most likely aren't watching anyway), and more meaningful media coverage.
If we, as media members, expect a young electorate to engage in the political process, it behooves us to stop over-covering the campaign trail (we don't need a dispatch from EVERY speech by EVERY candidate) and need to focus instead on meaningful coverage.
How about long-form interviews with the candidates asking real questions about real policy and how, specifically, they would implement their various plans.
Despite my disdain for much of the election year coverage, the greatest failure during this cycle has been by the candidates. What do you think they could be doing to better reach, relate to and mobilize the young vote?
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