Romney’s choice of Ryan for VP suggests that fiscal policy is likely to play a more prominent role in the campaign than previously expected. This will tend to highlight core differences between Republicans and Democrats on tax and spending priorities and may heighten concerns about how smoothly the problem of the “fiscal cliff” will be handled after the election.

In addition, this choice, and its impact on the content of the campaign, is likely to reinforce political support for fiscal consolidation. This suggests that the policy debates that will come after the election may generate a more front-loaded fiscal consolidation than previously expected.

I keep thinking that Romney did himself a great disservice making this campaign about tax and spending policies.

But maybe I've underestimated how many people he can convince to vote against their economic interests.