Open thread and live feed: Paul Ryan speaks out against class warfare
posted at 9:30 am on October 26, 2011 by Ed Morrissey
The Heritage Foundation will host Rep. Paul Ryan’s speech this morning, previewed by Allahpundit last night, which starts at 10 am ET this morning. Thankfully, we can embed the stream here at Hot Air, so let’s open up a thread for Ryan’s address:
While we wait for Ryan to speak on Barack Obama’s new political strategy, let’s take a look at whether Obama can even do class-warfare successfully. Obama promised that his initial plan in 2009 would help up to 9 million homeowners stave off foreclosure, but it’s actually only helped less than a million. Wolf Blitzer grills Jay Carney on this point, which the GOP is now passing around:
Just to be clear, Obama’s new plan does not help people who are facing foreclosure, since one of its prerequisites is that homeowners cannot have missed more than one payment in the last twelve months and must be caught up on their payments. It will help people whose mortgages exceed their equity by simply stretching out the mortgages for a longer period, allowing them to pay less each month on the mortgage — and supposedly that will get them to spend an extra hundred dollars or so a month and boost the economy. It’s the Cash for Clunkers approach again, only with some ersatz class-warfare rhetoric tossed in, even though this isn’t helping anyone keep their house at all.