The influential neocon David Broder has written a scary piece lamenting our horrible crippling debt (due to Bush’s war and Republican tax cuts). He fears for our children and granchildren, and for another depression.

He ominously quotes an unnamed major mover and shaker as predicting that we are on the verge of another Great Depression.

It’s a scary read from one of the most influential observers of the Washington scene.

HoustonChronicle.com - Broder: Katrina has also made wreckage of the federal deficit

…

The warning signs of impending economic calamity are every bit as evident as were the forecasts of ruin for New Orleans when a major hurricane hit.

The runaway budget deficits are compounded by the persistent and growing imbalance in our trade accounts — jeopardizing the inflow of foreign funds we have used to finance our debt.

At a private dinner the other evening where many of the men and women who have steered economic and fiscal policy during the past two decades were expressing their alarm about this situation, one speaker summarized the feelings of the group:

“I think it’s 1925,” he said, “and we’re headed for 1929.”