Sen. Pat Toomey (R-Pa.) joined "Squawk Box" on Thursday to discuss the decision as well as why he says the labor market is being held back by lawmakers who are paying people more to stay home than they'd make working:
"If you can receive unemployment benefits indefinitely that pay more than it pays you to go to work, well, certain number of people are not going to go to, would. I think that's just common sense.
I think the big picture we shouldn't lose sight of is our economy is not in a recovery mode, we're in a full blown expansion. Now we've got a really robust expansion. As you know, the fed is projecting 7% real GDP growth this year. Unemployment getting down to 4.5% and with prices rising all around us, it's still — it's 2023 before there's a median agreement that we get off zero and we're still buying bonds at $120 billion a month.
The thing that I can't understand is when you have really robust growth, tremendous improvement in the employment market and right now we've got about as many job openings as there are people looking for jobs and prices are rising it's not like the inflation picture is benign and they are still in such an accommodative mode this I think is dangerous."