Biden: We Underestimated How Bad the Economy Was

CNBC's Rick Santelli pointed out the absurdity of VP Joe Biden's Sunday comments concerning the Obama administration misreading how bad the economy was.

After all, as Santelli asked: "How many hundreds of times has the current administration talked about the worst recession in history? The worst time since the Depression?" The verge of an economic collapse?

He accurately observed that it is unlikely the administration really underestimated the economy. Unless they didn't believe their own rhetoric, it is far more likely that they are surprised that the Generational Theft Act isn't doing anything to make the economy better.

And now, it looks like they are setting the stage to push for another stimulus package. Generational Theft Act II could be just around the corner.

The big question is, how do they sell this to the American public? Obama's numbers started to decline during and shortly after the passage of the massive spending bill was passed. Will the American people allow themselves to be sold another bill of goods? Or will they recognize that the spending bill was never meant to stimulate the economy, but rather a huge Liberal Spending Christmas Wishbook?

Can the administration really tell the American people, "This time we really mean it. No pork. It will all be stimulus." Or will they try to sell the American public on the laughable idea that the economy is really worse than expected?