In the long term, there are several things Republicans should do. First and foremost, they should again become the party of hope, opportunity and optimism, and not anger and resentment. Americans responded when Ronald Reagan spoke about a shining city on the hill and when George HW Bush invoked “a thousand points of light”. Party faithful and independent voters alike responded to such optimism. They will again.

Republicans must also focus on smart, efficient and effective government. As appealing as “no government” may sound, it lacks practicality. A limited government, one that develops intelligent, cost-effective solutions, is the best approach to meeting our challenges.

Also, the GOP must recognise that the country’s demographics are changing. Ignoring that phenomenon – or worse, fighting it – could be catastrophic. The party should reach out to Hispanics, Asians and other minorities as many of them support the Republican ideals of economic conservatism, personal freedom, hard work, religion and family values.