Brian Keegan: Covid-19 funding costs set to turn up the heat on extending the state retirement age to 67 next year

The great recession of 2008 was characterised by private sector indebtedness. The growth in the national debt from 2008 on was partially accounted for by the bank bailout, but primarily due to the need to continue social welfare payments and other state services and supports following the fall in tax revenues, writes Brian Keegan

Because over 1 million people are benefiting from pandemic unemployment and employment supports it is entirely possible that the fund will go into deficit in 2020. Photo: iStock

The great recession of 2008 was characterised by private sector indebtedness.

The growth in the national debt from 2008 on was partially accounted for by the bank bailout, but primarily due to the need to continue social welfare payments and other state services and supports following the fall in tax revenues.