Romney 2012?

Mr Obama’s shortcomings have left ample room for a pragmatic Republican, especially one who could balance the books and overhaul government. Such a candidate briefly flickered across television screens in the first presidential debate. This newspaper would vote for that Mitt Romney, just as it would for the Romney who ran Democratic Massachusetts in a bipartisan way (even pioneering the blueprint for Obamacare). The problem is that there are a lot of Romneys and they have committed themselves to a lot of dangerous things.

Take foreign policy. In the debates Mr Romney stuck closely to the president on almost every issue. But elsewhere he has repeatedly taken a more bellicose line. In some cases, such as Syria and Russia (see article), this newspaper would welcome a more robust position. But Mr Romney seems too ready to bomb Iran, too uncritically supportive of Israel and cruelly wrong in his belief in “the Palestinians not wanting to see peace”. The bellicosity could start on the first day of his presidency, when he has vowed to list China as a currency manipulator—a pointless provocation to its new leadership that could easily degenerate into a trade war.

Or take reducing the deficit and reforming American government. Here there is more to like about Mr Romney. He generally believes in the smaller state we would rather see; he would slash red tape and his running-mate, Paul Ryan, has dared to broach much-needed entitlement reform.

Yet far from being the voice of fiscal prudence, Mr Romney wants to start with huge tax cuts (which will disproportionately favour the wealthy), while dramatically increasing defence spending. Together those measures would add $7 trillion to the ten-year deficit. He would balance the books through eliminating loopholes (a good idea, but he will not specify which ones) and through savage cuts to programmes that help America’s poor (a bad idea, which will increase inequality still further). At least Mr Obama, although he distanced himself from Bowles-Simpson, has made it clear that any long-term solution has to involve both entitlement reform and tax rises. Mr Romney is still in the cloud-cuckoo-land of thinking you can do it entirely through spending cuts: the Republican even rejected a ratio of ten parts spending cuts to one part tax rises. Backing business is important, but getting the macroeconomics right matters far more.

Backing business is important, but getting the macroeconomics right matters far more.

How are you going to react if Romney loses?