As U.S. mortgage rates surge to a six-month high, former White House official and the founder of SkyBridge Capital, Anthony Scaramucci, is sounding the alarm on a widening generational wealth gap, declaring the American Dream “impaired” but not entirely dead.
The Affordability Crisis And Lost Purchasing Power
In a recent social media post, Scaramucci highlighted the stark reality of modern housing affordability by comparing his father’s era to today. “My dad made $32,000 a year. He bought a house for $16,000,” Scaramucci noted. “That same house is worth $780,000 today.”
Pricing his father’s 1976 wages in modern dollars, Scaramucci pointed out a 27% drop in middle-class purchasing power. He added, “He could not afford today the life he was able to give us. There is real tragedy in that, and we should be honest about it instead of pretending the ladder is still where it used to be.”
This post was originally published here
