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Absolutely not. A two party system was barely nominally a form of democracy. Current it walks like a dictatorship and quacks like a dictatorship. They might hold a fake election one day like many of those do, but still no.
Firstly, the USA is obviously not a "dictatorship". Come on, be serious. Words mean things.
Second, America's two-party system also has internal factions and primaries, many of them completely open (you don't even need to declare allegiance to the party). The primaries are effectively the first round in a two-round electoral system (of which there are plenty in the world). The whole point is to create a binary choice in the final round. For some reason this always gets missed by otherwise informed observers. "There are only two parties" is just not a valid argument in this debate.
Of course, none of these facts will be popular here, since the real point of this thread is to allow participants to performatively dump on the shared hate-object. Classic social media, I get it.
In practice, however, it is a two-party system.