It's hard to imagine Mitt Romney giving the next inauguration speech. But it's distinctly possible that he will

Last Wednesday the Federal Reserve announced the first quarterly rise in consumer borrowing since 2008, bringing it close to pre-recession levels. The next day Mitt Romney, the frontrunner for the Republican presidential nomination, was on the stump in Pascagoula (population: 23,677). "If the federal government were run more like the government here in Mississippi," he told the inhabitants of America's poorest state where infant mortality is on a par with Botswana, "the whole country would be a lot better off".

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