Are share buybacks a problem? Share buybacks have become controversial but we do not consider them a problem. Some are concerned they come at the expense of future growth. Some argue that heavy share buyback activity might signal a lack of confidence in growth opportunities. Some worry that without them, earnings growth would be much worse. Finally, some point out that additional debt being taken on by corporations to fund buybacks may lead to credit stresses down the road. Here we discuss these topics and make the case that buybacks are not a problem for corporate America.