So how does the current economy compare with the eve of the pandemic?

First, we’ve had a more or less complete recovery in jobs and production. The unemployment rate, at 3.5 percent, is right back where it was before the virus struck. So is the percentage of prime-age adults employed. Gross domestic product is close to what the Congressional Budget Office was projecting prepandemic.

In September, consumer prices were 15 percent higher than they were on the eve of the pandemic. However, average wages were up by 14 percent, almost matching inflation. Wages of nonsupervisory workers, who make up more than 80 percent of the work force, were up 16 percent. So there wasn’t a large hit to real wages overall, although gas and food — which aren’t much affected by policy, but matter a lot to people’s lives — did become less affordable.

Democrats shouldn’t concede that the overall economy is in bad shape, either. Some very good things have happened on their watch, above all a jobs recovery that has exceeded almost everyone’s expectations. And they have every right to point out that while Republicans may denounce inflation, Republicans have no plan whatsoever to reduce it.