That chance was squandered. After Republicans won control of the House in 2010, they managed to shift the debate from economic-recovery spending to deficit reduction. They did this despite evidence that the still-weak economy required more, not less, federal aid, and even threatened to default on the national debt unless federal spending was slashed. In 2013 and 2014, the budget was cut so deeply that the government sector subtracted from economic growth. In 2015, the government added nothing to growth. In 2016, it added a smidgen.

The result has been a lopsided recovery. Prices for stocks, bonds and real estate, which benefit from monetary stimulus, have surged. Wages, which would have benefited from federal spending to bolster the economy, have lagged, widening the gap between the wealthiest Americans and everyone else.

The policies Donald Trump talked about in the campaign, if enacted, would take a different route to the same disturbing place. For example, deregulation would stimulate the economy — in part, by removing restraints on reckless lending, borrowing and production. Tax cuts for the rich are likely to send asset prices even higher while worsening the budget deficit.

A growing economy accompanied by a growing deficit is a recipe for still higher interest rates. Since Mr. Trump was elected, the yield on a benchmark 10-year Treasury bond has already risen to 2.4 percent from 1.8 percent, a sign that investors expect inflation.

With interest rates rising, a big infrastructure plan becomes increasingly less feasible, which reinforces the pro-tax cut, anti-spending attitude of congressional Republicans. This week, top Republicans dismissed the possibility of near-term action on infrastructure, despite Mr. Trump’s pledge to make it part of his first-100-days agenda.