We all know that John McCain doesn't "get it". But today, Cindy McCain just proved that she doesn't "get it" either.
Cindy McCain, commenting on how she was "Offended" by Barack Obama's historic acceptance speech:
"My father had nothing. He and my mother sold everything they had to raise $10,000. I’m proud of what my dad and my mother did and what they built and left me."
I know the knee-jerk Democrat reaction: cry me a river.
But think this through. Has she heard of INFLATION? Back then, the median income was less than $370 a month.
And by the way: Cindy's dad didn't actually sell everything he owned. He was able to BORROW what would be the today's equivalent of $132,000 (based on median income), or $82,000 (based on CPI inflation).
Cindy McCain's father, Jim Hensley, had a colorful life. From his Wikipedia entry:
In 1948, both [Hensley] brothers were prosecuted by the federal government and convicted of multiple counts of falsifying liquor records in a conspiracy to conceal illegal distribution of whiskey against post-war rationing regulations.[14][9][4] Jim Hensley received a six-month sentence (later upheld but suspended by an appeals court) while his brother received a year in federal prison, and both were fined.[4] In 1953, Jim Hensley and Marley were charged by federal prosecutors with falsifying liquor records.[14] Defended by future Supreme Court Justice William Rehnquist, they were acquitted.[14][9]
In December 1952,[7] the Hensley brothers bought into the Ruidoso Downs racetrack in New Mexico, with Eugene running it and Jim returning to Phoenix.[6] In a May 1953 hearing before the New Mexico State Racing Commission, the Hensley brothers concealed the existence an equal partner, Clarence "Teak" Baldwin, who had been banned from any ownership role due to illegal bookmaking activities.[15]
Putting aside the fact that Jim Hensley sounds like a small-time gangster, the Wikipedia entry details the $10,000 that she refers to:
In 1955, Hensley founded the beer distributorship to have his own name,[19] borrowing $10,000 against everything he had to buy a small existing distributorship.[20] He was given a state liquor license despite his normally disqualifying past felony conviction.[7]
First, factually, Cindy McCain was not being factually accurate. Again:
My father had nothing. He and my mother sold everything they had to raise $10,000.
As a businessperson, I can tell you that there's a HUGE difference between borrowing $10,000 against everything he had and having sold everything they had to raise $10,000. Every small business owner will tell you the translation of the Wiki: Jim Hensley borrowed against his house to start a business.
Now, $10,000 sounds like pretty small potatoes, but what was this worth, in 1955?
Let's put it into perspective:
*
The ANNUAL median income in 1955 was $4,418.
* Comparatively, 2006 median income was $58,407. As a ratio of median income, Jim borrowed the equivalent of $132,202 against his assets.
*
The average price of a house was $22,000. Bread was $0.18, a stamp was $0.03.
*
The current value of $10,000 in 1955 based on CPI inflation alone is $82,076.12.
My point: If Cindy McCain thinks that the opportunity that her father had is an opportunity that most Americans have, she is dead wrong. I do not believe that most middle-class Americans are able to borrow over $130,000 to chase a dream.
Cindy McCain also said, "My Father had nothing." I don't think most Americans able to borrow $130,000 to invest in a business would say that they had "nothing."