In a wide-ranging interview with CNBC’s John Harwood, 2020 Democratic presidential hopeful Joe Biden predicted the next president to take office is “likely to inherit a recession.”

The former vice president told Harwood in the sit-down interview in New Hampton, IA, on Thursday that President Donald Trump has done the “opposite” of former President Barack Obama in that he has not invested in things nor “grown the economy.”

[Relevant portion beginning around the 16:15 mark]

Harwood asked Biden, “Do you still favor the balanced budget amendment that you voted for in 1995?”

“No, because we’re in a different place now,” replied Biden. “I hope it’s not true, but we’re likely to inherit a recession, at least a significant economic slowdown. That doesn’t make sense.”

Biden went on to say his vote was not a mistake.

“I’m not being a wise guy. 1995 was a very different place than we find ourselves today,” he explained.

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