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The "third rail" is a reference to the NYC subway system, where the train runs on two rails, and the third rail carries 750 volts of electricity. You touch it, you die.
The reason it's such a "third rail" is that the voter turnout is highest among older people, who are active about keeping it.
It's pretty ironic that both parties are looking for support among young people in the 18-30 age bracket, the same ones who will be paying for Social Security and Medicare costs.
I wonder why voting doesn't break down along age lines more sharply?
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