Grand old unification

Uniting America’s fractured Republican Party on fixing Uncle Sam’s finances could be presidential hopeful Mitt Romney’s key to success. Even when it comes to economics, the Grand Old Party’s divergent factions have wide disparities on matters ranging from monetary policy to defence spending to international trade. But reining in the ballooning US debt is one thing they all seem to agree on. To win the White House, that ought to be the campaign’s rallying cry.

The former Massachusetts governor needs to convince Americans to vote for him instead of President Barack Obama. That might seem like a cinch: the United States economy has struggled to recover since the Democrat took office in 2009. The national unemployment rate remains above eight per cent and GDP grew at a feeble 1.5 per cent rate in the second quarter. But Romney has struggled to convince his own party stalwarts of his conservative bona fides. It’s an even harder task given the number of wings within the party that have formed. The Christian right vehemently opposes gay marriage and abortion, while other Republicans are more moderate on social issues. The Tea Party coalition wants government spending cut to the bone. Others call such talk dangerous, arguing instead for more moderate federal spending, harking back to Ronald Reagan’s two terms.

Another major faction spent six-hours rallying on Sunday in support of Rep. Ron Paul. The libertarian-leaning Republican lost his bid for the nomination, but his cult-like following hasn’t wavered. To appeal to Paul’s supporters, rather than lose those votes to a third-party libertarian, the party even added an annual Federal Reserve audit to its convention platform and signaled a willingness to consider the gold standard - two of Paul’s pet policies.

Rather than relying on empty promises like a return to the gold standard, the Republicans can unite these groups through a shared desire for fiscal restraint. It took a first step in this direction by unveiling its National Debt Clock when officially kicking off the convention on Monday, noting that nearly one-third of the $16 trillion total was amassed during Obama’s administration.

Romney won’t easily resolve the many social, policy and financial issues on which the Republican factions disagree, particularly given his own chameleon-like stance on them. But by honing in on the nation’s unsustainable finances, he can at least find something that unites the GOP - and may even find common ground with the American electorate.