He was speaking with CNBC's John Harwood who had asked Biden if he still supported a balanced budget amendment requiring the government to balance its projected expenditures and receipts.
"No, because we’re in a different place now. 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," he said.
Biden served in former President Obama's administration as the federal government pumped billions of dollars into the financial system -- a move that Democrats have credited with saving the economy from a depression.
"Look what we had to do. We, in order to be able to get out of the financial recession, which was the greatest recession, sort of a depression in American history, the president asked me to chair the recovery act, which had $900 billion in it, and we did it," Biden said.
"Most, even conservative, economists acknowledged it probably saved us from a depression. But what we did, at the same time, was we were able to invest in things that in fact grew the economy at the same time."
"That’s the exact opposite of what Trump has done. What he has done hasn’t grown the economy," he added. "It hasn’t grown the economy. There are circumstances where you have to spend in order to generate economic growth, but there has to be a way that you can catch up to that."
Biden's comments came as Republicans touted the economic progress seen under President Trump. That included record unemployment and rapid GDP growth in 2018.
On Friday, the Bureau of Labor Statistics released its latest jobs report, which beat expectations with an additional 266,000 nonfarm jobs and an unemployment rate of 3.5 percent. While Republicans have attributed economic growth to Trump's policies, Democrats have argued that Trump benefited from the Obama administration's actions.
On Friday, Trump said the economy would be "even better, if that is possible" without Democratic attacks on him.
"Without the horror show that is the Radical Left, Do Nothing Democrats, the Stock Markets and Economy would be even better, if that is possible, and the Border would be closed to the evil of Drugs, Gangs and all other problems!" he tweeted.