From a study done in 2012, out of 218,959,000 total Americans eligible to vote, only 126,144,000 people voted, coming at only 57.5 percent voting rate. While making elections a holiday might encourage some people to vote, it also might intrigue others to go on a vacation or just stay home and have a day off. Although "too busy" was the main excuse, or reason, why people didn't vote in the 2014 election at 28 percent, according to a survey done by The Washington Post, "not interested", "illness/disability" and "out of town" together come to 37 percent. I doubt that people couldn't find 45 minutes, maximum, to spare during their day, because they were "too busy."
Even if election days become a holiday, I predict that only the people who actively vote and the group of honest people who actually couldn't vote because they were too busy would vote. Having elections as a holiday has some risks, since it might backfire and trigger people to not vote and go on a vacation or have a day off. If people have their own plans on election days, they will still be "too busy" to vote.
I think that the U.S. government should not make election days a holiday, since it has some risks of backfiring and losing people to vote, and it does not guarantee a higher voting rate, so it might not be effective.
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