True but many firms cut below their needs and were faced with many problems because of it.
Not really. A few did, yes. To say that they were "faced with many problems because of it" is stretching the truth. They just had to do 3L OCI...
If there is a reduction in class size, it will not be as significant as the one we saw previously.
If only because: classes are already not as big (barring the traditional heavyweights).
But if you don't think what's happening with the world, especially in Europe, can harm the economy to such a significant extent that hiring is worse than OCI in 2009, you're delusional.
Really: Hope for the best, prepare for the worst.