WASHINGTON — McDonald's, Chipotle and Amazon are all raising pay as companies try to fill jobs faster than they can find workers. Airplane tickets and hotel rooms are becoming more expensive as demand rebounds thanks to newly widespread vaccinations. Supply shortages are making it tougher to buy a house or a new car. Republicans look at the economy and see a political liability for the Biden administration. Inflation is taking off, they warn, and worker shortages are threatening the viability of long-suffering small businesses. President Biden and his advisers assess the same set of conditions and reach a vastly different conclusion. The dislocations that are causing prices to rise quickly are likely to be temporary, they say. And while both the speed of the economic snapback and the power it has conferred on workers have come as something of a surprise, White House economic officials see a lot to like in the evolving trends. That disconnect in views could shift as the reopening proceeds and it becomes clearer how the economy is doing. But the disagreement is already helping shape the political debate over Mr. Biden's infrastructure and jobs proposals, which would inject another $4 trillion into the economy, offset by tax increases on corporations and high earners. Four months into Mr. Biden's term, Republicans say his economic agenda is already failing the country. The president's team says the state of the economy shows how he can deliver for workers. "It is good policy and good for everyone to increase those wages a little," Anita Dunn, a senior adviser to Mr. Biden, said in an interview. "You see some very large employers already starting to do that, and that's good for the country. And that is certainly in line with what President Biden believes, which is that working Americans, middle-class Americans who haven't been the beneficiaries of trickle-down economics for the last 40 years, deserve a raise." The Federal Reserve likewise sees its policies — rock-bottom interest rates and monthly purchases of government-backed debt that are fueling lending and spending — as helping heal the labor market and the overall economy. Its top officials have maintained that the period of higher inflation expected this year will be temporary. And while policymakers have been surprised by some recent data points, they emphasize that is to be expected: After all, nobody has reopened the economy from a pandemic before.