Steven Joyce: Former Finance Minister says young people will come out worse off from any upcoming recession

There are fears young people will come out worse off from any upcoming recession. Reserve Bank Governor Adrian Orr has confirmed the bank is deliberately engineering a recession, with plans to hike the Official Cash Rate as high as 5.5 percent. That recession is expected to hit around the middle of next year. Former Finance Minister Steven Joyce told Mike Hosking it will be felt particularly by young people, especially young home owners who have recently hopped on the property ladder. He says in a wage price spiral, consumption needs to be slowed, and that usually means pushing the economy backwards. LISTEN ABOVESee omnystudio.com/listener for privacy information.