While i agree with the idea of having a national holiday every time there is a national election for executive or legislative branches. I must chime in and say that i think this will never happen. I personally believe it is a very good idea, but neither main party in our democracy shares my view.
Quite simply, the republicans and democrats have no vested interest in getting more people to vote. Our election system does not require a majority of registered voters to vote in order to validate the election. Since there is no minimal number to hit to ensure the election will be valid, the goal has become to develop the smallest, most predictable voting base possible.
Both parties are actively courting smaller and more committed groups all the time; the reason is these impassioned groups tend to vote more regularly and more consistently. This makes the process of planning and winning an election much easier then actually trying to appeal to a larger, unfocused populous.
They key is to get enough issue based groups together in order to win, the less people that vote the better, since the votes you can predict become even more effective in a smaller turnout. Look at who the parties have been targeting over the last few years and you will see this pattern.
It may sound counter intuitive, but remember all the parties care about at the most basic level is winning the election, you can’t do anything when you are out of power. My estimation is that the parties will continue to push the voter turnout lower and lower.
Having an election holiday would screw up a fairly predictable election scheme, with a lot of unwanted variability.