Corporations reinvest it and create jobs, the better idea would be to bail out companies but ban stock buybacks. You need businesses, or else jobs won’t exists.
TED Talk: Nick Hanauer "Rich people don't create jobs" https://www.youtube.com/watch?v=CKCvf8E7V1g
As you noted, the spend and windfall on buybacks or maybe automation.
https://arstechnica.com/tech-policy/2019/05/att-promised-700...