Paul Singer, the billionaire who runs hedge-fund firm Elliott Management Corp., said the U.S. Federal Reserve’s economic-stimulus program has created an unfair recovery.

“The problem with quantitative easing is that it’s a gimmicky, indirect solution to a problem that has a direct solution,” Singer said Monday at the Wall Street Journal’s Heard on the Street conference in New York. Other paths to creating growth through education, tax and wage policies haven’t been pursued, he said.

“The average investor in stocks and bonds is doing fine but the average person in America is in fear of his or her job, or their children’s job and the price of stuff,” Singer said. “That’s what I mean by an unfair and distorting policy.”

The possibility of the Fed reining back its stimulus is “off the table,” he said. The central bank’s policy-setting Federal Open Market Committee refrained in September from reducing the $85 billion pace of its monthly securities buying, saying it needed to see more evidence of a strong economy before starting to phase out the purchases.

Singer, 69, started New York-based Elliott in 1977. The firm has about $21 billion in assets.