Sen. Pat Toomey: Labor market is being held back by government benefits

The Federal Reserve on Wednesday considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates. 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.