Romney lost the election and Hostess went bankrupt. Romney is said to have a "Mr.Fantastic Face" (from Epic Rap Battles of History, a show on the Youtube channel ERB with people from history having rap battles) which means he looks good, and who doesn't love some good junk food?
Throughout the election and debates Romney's ideas and places kept flip flopping all around. We know that this is what this cartoon means because he has "Flip Floppulence " (Like flatulence, which means farts) and he's bouncing around with each part labeled with things he changed on.
There is said to be multiple Romney's since he kept changing his standpoint that's why the lady asks which Romney the man meant.
Since Etch-A-Sketches can be re done and changed, and Mitt was all flip floppy and changed, he is like an Etch-A-Sketch.