Breaking news late US Mountain time on Friday 8/10/12 indicates that Mitt Romney will name Paul Ryan, representative from Wisconsin, author of the so-called 'Ryan budget,' and Ayn Rand radical, as his VP pick.
A desperation move given the recent polls - Romney has 'lost the summer.' The Obama campaign, and progressives, should be ecstatic. I would start by framing the Ryan budget as a European-style austerity budget for America which will further eviscerate the lower and middle class social safety net by transferring risk to the less fortunate among us, and point out that the current European unemployment rate is 11.3% and rising under Ryan-style budgets.
Update: Here is an L.A. Times link detailing Ryan's Ayn Randian infatuation. Another inconvenient truth like Romney's taxes and Bain labor minimizing facts that the Romney campaign would sooner forget; I doubt Axelrod and OFA will let them do so.