One of the persistent memes in the Republican line of attack against Barack Obama is the notion that he is an elitist, whereas the G.O.P. represent real working Americans like Levi “F-in’ Redneck” Johnston.

It caught our attention, then, when First Lady Laura Bush and would-be First Lady Cindy McCain took the stage Tuesday night wearing some rather fancy designer clothes. So we asked our fashion department to price out their outfits.

Laura Bush
Oscar de la Renta suit: $2,500
Stuart Weitzman heels: $325
Pearl stud earrings: $600–$1,500
Total: Between $3,425 and $4,325

Cindy McCain
Oscar de la Renta dress: $3,000
Chanel J12 White Ceramic Watch: $4,500
Three-carat diamond earrings: $280,000
Four-strand pearl necklace: $11,000–$25,000
Shoes, designer unknown: $600
Total: Between $299,100 and $313,100

Wow! No wonder McCain has so many houses: his wife has the price of a Scottsdale split-level hanging from her ears.

(All prices except Laura’s shoes and Cindy’s watch are estimates, and the jewelry prices are based on the assumption that the pieces are real.)

9/6/08 UPDATE: How Much Is Cindy McCain's $300,000 Outfit Really Worth?