comMITTed to Romney!

McCain-Romney: It Makes Economic Sense

In 1992, James Carville, then political strategist for Bill Clinton, crafted the phrase “It’s the Economy Stupid” to focus his candidate as he ran against incumbent president George H.W. Bush. Sixteen years later, in the wake of the mortgage crisis and signs of a recession, John McCain’s handlers would do well to heed the advice of Mr. Carville, but with a twist.

The two main themes of the upcoming general election will be the economy and Iraq. McCain, a staunch supporter of the war in Iraq, cannot retreat from his position in the Middle East regardless of what happens there before November. On the other hand, McCain can shore up his ticket on the economic front by selecting someone who has a solid financial footing: former rival Mitt Romney.

Yesterday my colleague, Andrea Murphy, discussed the potential Republican ticket of John McCain and Secretary of State Condoleezza Rice. Despite a recent poll suggesting that a McCain-Rice ticket could win New York in November (a feat no Republican has accomplished since Reagan-Bush in 1984), Mitt Romney is the right choice to join McCain on the ticket.

Beyond Condoleezza Rice’s status as a lightning rod for the failures of the Bush administration, the secretary of state does not address McCain’s largest weakness: his relative inexperience on financial issues.

Both Hillary Clinton and Barack Obama, in addition to readers of Trailwatch, attacked Senator McCain’s first mortgage proposal, which the candidate submitted to Forbes. The criticism: this plan did not do enough to help homeowners hit by the mortgage crunch.

Yesterday, John McCain revised his policy, calling for more government intervention to aid “well-meaning homeowners” who cannot pay their mortgages. To his credit, McCain shows a willingness to modify his positions, but the new plan did not give details on who, exactly, would be eligible for government assistance, earning McCain a new round of criticism from Hillary Clinton and Barack Obama.

What could Mitt Romney contribute to the Republican ticket? Before serving as governor of Massachusetts, Romney was chief executive of Bain & Company and co-founder of spin-off private equity firm Bain Capital where, over his 14-year stint at the helm, the company enjoyed great success.

A March campaign stop in Utah may have laid the groundwork for a future alliance between the former adversaries. Romney has pledged to raise $15 million for McCain, and he stumped for McCain in Lancaster, Pennsylvania yesterday.

A McCain-Romney ticket makes sense for both men. McCain gets a boost on economic issues and Romney gets a seat next to McCain in the White House—assuming they manage a victory in November. The increased exposure would serve Romney well should he choose to seek the presidential nomination in the future. Considering John McCain’s age, Romney’s chance could come as soon as 2012 if a victorious McCain decided to only serve one term.

–Paul M. Murdock

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