Its not that the companies should have kept the cash, though. Buybacks are not inherently bad. But the US, many buybacks were a direct result of the reduction in corporate tax rate in 2017. Instead of using their greater cash flow to reinvest, raise wages, etc, they bought back stock primarily held by wealthy and institutions. Effectively a transfer from the US Treasury to the wealthy class, leaving the US with fewer options to weather the current storm for its citizens as a whole.