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I don't think it's a placebo, more of a workaround to get to representative elections. In order to get an amendment which would repeal the Electoral College, there needs to be 3/4 of the states support. In order to get 3/4 support, some of the smaller states need to be in on the repeal. Most small states wouldn't go for a repealment because the Electoral College gives them more power than if it was purely representational.
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