8-21-08, 2:23 pm

A newly released TV ad from the Obama campaign links John McCain's personal wealth and privilege to his fundamental misunderstanding about the economic realities working families face.

With one million home foreclosures this past year and millions more likely to come, along with seven straight months of rising unemployment, John McCain seemed out of touch when he stated this week that 'the fundamentals of our economy our strong.'

In addition, the Obama campaign ad points out that when asked recently about the number of homes he owns, McCain couldn't recall. Separate media accounts of how McCain responded to this particular question reported that McCain fumbled the question and had to say that he'd ask his handlers and let them get back to the reporter who asked.

McCain owns seven homes valued at about $2 million each, the Obama campaign ad states.

The ad suggests that McCain's inability to recall the number of homes he owns is a strong signal that his personal wealth and privilege is so great that not only is he unsure about how wealthy he is, there is also a serious disconnect between him and working Americans.

In another context, the McCain campaign is displaying further confusion about its views on the economy. Despite claiming that 'the fundamentals of the economy are sound,' McCain has admitted that he understands little about economic issues.

Further, in a recent McCain campaign ad televised during the broadcast of the Olympics, the voice over says that McCain believes Americans are not better off than they were four years ago. But in a Republican primary debate earlier this year, McCain insisted that we're better off now than we were eight years ago.

So one thing is clear: McCain is confused about the economy. Working families can't afford to let another four years go by where the president is confused about basic economic issues and compensates for that confusion by prioritizing the agenda of the privileged and wealthy.