Are you suggesting he should run on the basis of his economic policies? With the growing problems in Europe, that might not be something he’ll want to talk about.
Most conservatives will vote for Romney anyways, but this way he can rally his base (frei Jews, gays, etc.). It might backfire since a big chunk of his base (particuarly blacks and Hispanics) won’t be amused, but that’s a risk he’s willing to take.