"The harsh fact is that the winner-take-all system of casting each state's electoral vote for president effectively disenfranchises every voter in the state who supports the losing candidate."
"Nearly 3 million people voted for Al Gore for president in Florida in the 2000 presidential election. However, because George W. Bush won 537 more votes than Gore, all of Florida's electoral votes went to him. ... In effect, the system gives the votes of the people who voted against the winner to the winner."
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Actually, it's an extremely bad idea. There are a number of scenarios (including the electoral vote split in 2000) where if Colorado had proportioned its electoral votes, neither candidate would have the 270 votes required to win, and the election would be determined by the House of Representatives. In that case, each state carries one vote, and a state like Wyoming would have the same electoral clout as California, meaning a sure Republican victory.
Done right, it's a good idea if it's done nationally. If Colorado does it alone, it will be a disaster for the Democrats and a disaster for the state of Colorado as it reduces its national clout to that of Maine and Nebraska.