The problem for company tax cut advocates of US firms blowing their Trump tax windfalls on share buybacks is now officially serious: The Wall Street Journal has tried to pretend it's not a problem at all.

According to recent figures, the level of stock buyback announcements made by corporate America since the start of the year has reached a staggering $214 billion. And just 6% of the windfall is going to workers in bonuses and wage rises.