Companies are cutting back because sales are down—and in many cases WAY down. If you factor inflation it’s even uglier. The credit bubble has burst. Minimum wage has a very, very minimal impact on retail (trust me).
As for sales, Americans have over spent and maxed out their credit cards. Our government is in trillions of dollars of debt, and personally, Americans are in trillions of dollars of debt.
None of this took place overnight, but the Media now has exactly what they talked us into...good luck Democrats. By the end of Obama’s first term, he'll look much worse than Jimmah Cartah.