Former SEC chair says recession has begun

Harvey Pitt, who led the Securities & Exchange Commission between 2001 and 2003, believes that the American economy is "at the beginning stages of a recession already."

Be smart: Pitt, a Republican critical of President Biden's policies, reflects the inflation-scarred view of a majority of his party. But not most economists, as many key indicators remain strong.

• Pitt made the comment during an Axios event on Wednesday afternoon.

Go deeper: We're not in a recession