Oh no, the upper-class does know what it has over the poor. They may not understand, however, living in poverty the way the poor do. As to the truthfulness of her statement -- I do not know if she meant 'underpriveleged' as in "living on the streets before the storm" or as "people that once had homes and no longer do" -- I believe she is correct. Anyways, we do not know if it was a wry chuckle, I myself am known for them and it sometimes gets me into trouble, or if it was some very poorly timed humor. At any rate, that kind of humor runs in the Bush family, I think.
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