Anyway, here's my take on the lyrics. The guy talks about being the "dandy of Gamma Chi" which is probably a sorority at a Ivy League college up in Massachusetts where he gets his "Sweet things from Boston...so young and willing."
He then talks about moving down to Scarsdale, which is an affluent community in Westchester Country, NY.
He gets annoyed when his "Sweet thing from Boston" is so young she doesn't even know who Aretha Franklin is and he discovers they have little in common to talk about. But he acknowledges that he's just being old and cranky. A little Jose Cuervo, some fine Columbian, and all is right with the world once again.
So I have no idea where you get high-school dropout skank from all that! Too funny.
I also loved the lyrics of Deacon Blues;
i crawl like a viper through these suburban streets,
Make love to these women, languid and bittersweet...
Or Kid Charlamagne, man nobody writes like Fagen and Becker!