Anthony Scaramucci warned that rising wealth inequality in the United States could spark intense political and social backlash if the ultra-wealthy do not take steps to share economic gains more broadly. The former White House communications director expressed concern that the concentration of wealth could lead to unrest, citing historical precedents.

Scaramucci warns of rising inequality backlash

In a post on X on Wednesday, Scaramucci stated he is "worried" that more wealthy individuals are not paying attention to rising inequality and its political consequences. "When inequality gets this extreme, history is very clear about what happens next. People show up with pitchforks," Scaramucci wrote.

He identified growing progressive movements, including the "Mamdani movement," as early signals of political anger over wealth concentration. Scaramucci urged wealthy Americans to act before more aggressive policy responses emerge. "My message to super rich people is simple: calm down and figure out a market-based way to spread the wealth," he said. He added that the alternative is someone socialist coming in and decapitating the entire incentive structure.

US wealth gap widens

Recent U.S. and global data indicated that wealth had become increasingly concentrated among the richest households, while most Americans had lagged. The economy remained uneven, with asset owners benefiting most from rising markets, particularly in recent years.

In the U.S., the top 10% held nearly all stock market wealth and had gained more wealth than the bottom 90% combined over the past five years. Wealth had been highly concentrated among a very small number of families at the extreme top, while the bottom half held a tiny share of total wealth.

Separately, Sen. Bernie Sanders (I-Vt.) noted that global wealth has become heavily concentrated at the top, citing data showing billionaires have gained trillions while most people fall behind. Long-term data showed U.S. wealth gains overwhelmingly benefiting the richest households since 1976, while average and lower-income groups saw far slower growth. Together, these remarks highlight growing concerns that AI and financial markets may deepen inequality without policy intervention.

Former U.S. Ambassador to the United Nations Nikki Haley criticized Zohran Mamdani's guidance on reducing electricity use during a heat wave, calling it socialism. Mamdani had urged New Yorkers to conserve energy to ensure grid stability and save lives as temperatures climbed. The heat wave is expected to push temperatures into the 90s and potentially reach 100 degrees in Central Park for the first time since 2012.

Mamdani's Energy Conservation Message

On Wednesday, Mamdani posted on X urging residents to reduce electricity use during extreme heat. He advised setting air conditioning to 78 degrees, turning off unused lights and electronics, and unplugging non-essential devices. Mamdani stated that the city was maintaining the 78 degrees rule in buildings, dimming lights during peak demand, and powering down non-essential equipment.

"A stable grid means the AC stays on, and lives are saved. Let's ease demand — and get through the heat — together," Mamdani said.

Haley's Response

Haley responded on X by sharing Mamdani's post and writing, "Welcome to socialism." The exchange occurred as a heat wave prompted extreme heat warnings across the region. Forecasters warned that the combination of heat and humidity could be dangerous.

Power Emergency and Broader Impact

On Tuesday, the Trump administration declared a power emergency as a major heat wave threatened millions across the U.S. PJM Interconnection and the Department of Energy authorized extra electricity generation to protect grid reliability through July 3. Triple-digit temperatures driven by a "heat dome" strained power systems across states including New York and Michigan.

Economist Robert Reich noted that the extreme heat placed more than 200 million Americans under advisories. He warned that blue-collar workers faced the highest risk due to limited protection in outdoor and industrial jobs.