Economist Proves: Reagan’s Deregulation caused Today’s Income Inequality.

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17. The OP states the stock buybacks (allowed under Reagan) benefit the CEOs and investors

401ks where workers could own company stocks weren't that prominent in the early to mid-eighties so the buyback of stock, which drove up their value, clearly was geared to benefit company executives not workers as executive compensation was tied to the worth of company stock.

Also, CEOs for the most part, did their 5-7 year stint with big compensation packages that they were able to manipulate even higher by buying back the stock, then retired and cashed out with even more humongous compensation via golden parachutes.

When 401ks became more prominent and started to replace worker pensions, the workers who owned company stock through 401k plans were at the mercy of their company CEOs' managerial competency, anticipation of new industry and market development and, quite frankly, honesty — not to mention the ups and downs of the stock market (remember the disasters of Intel, Worldcom and Tyco).

IMO it's pretty clear who the buybacks are intended to benefit.