Stock buybacks: From retain-and reinvest to downsize-and-distribute

According to a new report from William Lazonick, corporate resource-allocation at many, if not most, major U.S. business corporations has transitioned from “retain-and-reinvest” to “downsize-and-distribute,” leading to the concentration of income among the richest households and the disappearance of middle-class employment opportunities in the United States over the past three decades.