Charles Payne on 40-year inflation high: Biden admin, Federal Reserve 'created a monster'
Inflation hit a new 40-year high in May.
{{#rendered}} {{/rendered}}FOX Business host Charles Payne said the current economic crisis was created by the Federal Reserve and the Biden administration's $1.9 trillion COVID-19 rescue plan. On "The Faulkner Focus" Friday, Payne warned that the persistent inflation is not going away because of the money that was pumped into the economy.
CHARLES PAYNE: The experts, everyone kind of thought maybe we'd have peak inflation in December. Then say, well, January, February, March, April, May. And it's just persistent. It just won't go away. They created a monster. They created a beast. … The Federal Reserve pumped a lot of money into our economy, but that money doesn't really get into regular folks hands. It helps mostly corporations. That last bit of cash that the Biden administration put in, the 1.9 trillion. Paying people twice as much money to stay at home than to go to work. The stimulus checks, all of that created an environment where we just went out, and we spent the hell out of it. And we created these problems.
{{#rendered}} {{/rendered}}WATCH THE FULL INTERVIEW BELOW: