First lady Michelle Obama told the Democratic National Convention that "Barack and I were both raised by families who didn't have much in the way of money or material possessions."

It is a claim the president has repeated in his books, on the speech-making circuit and in countless media interviews. By his account, he grew up in a broken home with a single mom, struggled for years as a child in an impoverished Third World country and then was raised by his grandparents in difficult circumstances.

The facts aren't nearly so clear-cut.