Anyone considered that buybacks over a decade plus has removed a lot of liquidity?

Simple Q, anyone given thought to this?

Constant buybacks replacing dividends in the main has removed a lot of stock from circulation over the last fifteen years or so. It also gives companies an interesting lever to pull if they need more funding, they can reissue the stock at a massive premium to what they bought at, even if the stock drops as a result.

It also means that any impact from impending crises will be magnified.

Not a panic post, just thought of it on the way home and wondered if anyone else had thoughts.

Cheers :)