President Joe Biden enters the midterm election year of 2022 determined to address what economists call a "supply" problem — there aren't enough jobseekers or goods to meet the country's needs.

This is also a political problem. The mismatch has obscured the strong growth and 3.9% unemployment rate achieved during Biden's first year, the kind of performance that would typically help the president and congressional Democrats woo voters in the midterms. It has left Biden trying to showcase his economic achievements while trying to parry Republican criticism that his policies have fueled inflation...