…After a brief pandemic respite, share buybacks are back with a vengeance. In the third quarter of 2021, S&P 500 companies spent a record $235 billion on buybacks, adding to the $6.3 trillion spent on stock repurchases in the decade before the pandemic. In a time of supply chain snafus, a justifiably restive workforce, and great economic transitions, corporate America could be investing that money in the future of our economy—in logistics, workers and productive capacity. Instead, buybacks are artificially tipping the scales of skittish markets, while rewarding executives unjustifiably…
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