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Another lw zombie meme, endlessly parroted by by liberal economic illiterates.
It presumes something really stupid. That shareholder who receive the buyback funds do not put the funds they receive to productive use. According to the left, they presumably stuff it into mattresses. {LAFFRIOT}
No, when a company uses a tax cut windfall, and buys back their shares on the stock exchanges to retire shares, thus driving down supply of their outstanding shares, and driving up earnings per share, etc. those who sold shares on the stock exchanges probably used the proceeds from the stock they sold to buy more stocks, which is good for stocks!
It doesn't do much for wages or purchasing power for ordinary Americans, but if your point is the rich, who own the VAST majority of corporate stock, were made richer, that's precisely what liberals think happened.