Reports: U.S. Middle Class Shrinks, Recession Looms

Reports say that the middle class' size and income level have diminished significantly over the past decade.

Recent reports show that the middle class is declining, both in size and wealth, while the economy appears to be sliding toward a major recession in 2013.  According to a report from the Congressional Budget Office (CBO) released Wednesday, the country will enter a recession if Congress allows a series of tax increases and budget cuts to become a reality in January.  The report predicts that the economy will shrink by 2.9 percent in gross domestic product in the first half of 2013, and according to The Washington Post, unemployment could shoot up to 9.1 percent by the end of 2013. As of June 2012, the unemployment rate was at 8.2 percent nationally, 6.9 percent in Maryland and 5.5 percent in the D.C. Metropolitan suburbs, according to data…

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