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Fox News: The American Middle Class is "Wealthy on the World Stage...They have Clothes"

Reported by Melanie - January 29, 2007 -

Neil Cavuto's main message of late has been that the U.S. economy is on fire and that, despite all the "liberal media" BS about it being "squeezed," the middle class is rich, it just doesn't know it. Cavuto hasn't been able to provide much proof of that, until today (January 29, 2007). In a segment that would have been hilarious had it aired on The Colbert Report or The Daily Show, Cavuto and his cohorts presented their arguments with dead seriousness but instead of providing proof, they made themselves look like fools.

Cavuto opened the segment with a graphic over his shoulder that read, "Picture Perfect Economy?," and introduced the "Cashin' In gang:"

Well, did you hear this report? An estimated 2.5 million people are expected to buy a new TV to watch the Super Bowl. Now, does this mean that the widespread reports of a middle class that's under siege are just a myth?

The unanimous verdict from the three (four, if you count Cavuto) panelists during this "fair and balanced" debate: Yes! It's a myth!

What evidence is there that it's a myth? How about,

Dagen McDowell:

I think it's astounding that people stormed the stores over the holiday season, raided Best Buy and all these electronic retailers buying big TVs and now they're still going on and spending money and that's it. They have money. Wages are growing at the fastest pace in years, like six years. Strong job market -- you're going to see that come Friday with the January jobs report -- and they're spending it.

Jonathan Hoenig:

Even the poor, even the middle class in this country are wealthy on the world stage. The poor have televisions. They have cars. They have clothes. They have things that in many parts of the world are considered luxuries. I mean, in this country, obesity affects the poor, not starvation. It's pretty amazing. It's quite a salute to this economy.

Jonas Max Ferris, responding to Cavuto's question: "Things are better than we're told?"

They're great! A year ago...wages were stagnant, but in the last year we saw the biggest wage gains for the average hourly worker that we've seen since the 70's basically. ... If you can buy a $2,000 TV, are you really barely scraping by like Jim Webb says? I don't think so.

Comment: If this weren't presented as "real news, fair and balanced," it would be hilarious.