According to the conventional rules of politics, Democrats should be on track for electoral disaster this November. Joe Biden’s approval rating is stuck around 42 percent, inflation is still sky-high and midterms usually swing against the incumbent president’s party — a recipe for the kind of political wipeouts we saw in 2018, 2010 and 1994. But that’s not what the polls show. Currently, Democrats are on track to hold the Senate and lose narrowly in the House, which raises all kinds of questions: Why are Republicans failing to capitalize on such a favorable set of circumstances? How did Democrats get themselves into this situation — and can they get out of it? And should we even trust the polls giving us this information in the first place? Matt Yglesias is a veteran journalist who writes the newsletter “Slow Boring” and co-hosts the podcast “Bad Takes.” And in recent years he’s become an outspoken critic of the Democratic Party’s political strategy: how Democrats communicate with the public, what they choose as their governing priorities and whom they ultimately listen to. In Yglesias’s view, Democrats have lost touch with the very voters they need to win close elections like this one, and should embrace a very different approach to politics if they want to defeat an increasingly anti-democratic G.O.P. We discuss why Yglesias thinks the 2022 polls are likely biased toward Democrats, how Republicans’ bizarre nominee choices are giving Democrats a fighting chance of winning the Senate, why Biden’s popular legislative agenda hasn’t translated into greater public support, the Biden administration’s “grab bag” approach to policymaking, why Yglesias thinks there’s been a “regime change” in how Democrats think about elections, how social media has transformed both parties’ political incentives, what the Democratic agenda should look like if the party retains both houses of Congress and more. Book recommendations: Famine: A Short History by Cormac Ó Gráda Slouching Towards Utopia by J. Bradford DeLong Strangers to Ourselves by Rachel Aviv Thoughts? Guest suggestions? Email us at [email protected]. You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs. “The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld and Rogé Karma. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Original music by Isaac Jones. Mixing by Jeff Geld, Sonia Herrero and Isaac Jones. Audience strategy by Shannon Busta. Special thanks to Kristin Lin and Kristina Samulewski.

“There is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation,” wrote Larry Summers in February 2021. A year later, the debate still rages over the first part of that sentence — the extent to which the American Rescue Plan is responsible for rising prices. But the rest of it is no longer in question: We’re currently experiencing the worst inflationary crisis in decades. Annual inflation was already at its highest rate in decades in January of this year. But there was still a hopeful story you could tell about 2022: As the Covid pandemic eased, spending patterns would normalize, supply chains would strengthen, the labor market would stabilize, and inflation would ease. Then the Russian invasion of Ukraine sent global commodity markets into a tailspin and energy prices to record highs. An Omicron wave hit China, leading to huge lockdowns affecting global supply chains. And while the Fed has responded with the first of many planned interest rate hikes, it looks as though the inflation picture is only going to get worse in the immediate future. For over a year now, Summers — a former U.S. Treasury secretary and current Harvard economist — has been warning about the economy that we appear to be entering. So I invited him to the show to make his case and paint a picture of what he thinks comes next. We discuss why he thinks we’re almost certainly headed toward a recession, why he believes the Fed is engaged in “wishful and delusional thinking,” whether corporations are using this inflationary period as an excuse to goose profit margins, how to avoid a 1970s-style stagflation crisis, whether interest rates are the right tool to be addressing inflation in the first place, why he thinks much more immigration is one of the best tools we have to bring down prices in the long term and much more.