Spectacle often substitutes for substance, and nowhere is this more evident than in the latest tremors shaking Wall Street.

On May 21, a lackluster 20-year U.S. Treasury bond auction delivered what can only be described as a resounding vote of no confidence in Washington’s economic stewardship. The numbers were as stark as they were symbolic: a bid-to-cover ratio of 2.46 and a yield of 5.047 percent — the highest in five years.

The markets responded as they usually do to bad news in the Capitol Hill core: stocks tumbled, bond yields soared and the dollar retreated. Now, with Moody’s recent downgrade of the U.S. credit rating, concerns about fiscal instability have deepened, reinforcing investor skepticism about the sustainability of Washington’s approach. One could almost hear the groan of a global economy growing weary of underwriting President Trump's illusions.

At the center of this financial unrest lies a paradox that has defined recent U.S. economic policy: the fantastical belief that one can cut taxes, ramp up spending, and somehow avoid the mathematical consequences. The latest offering from the House Republicans — an expansive tax-and-spend package aligned with Donald Trump’s post-presidential ambitions — illustrates the delusion in full color.

Advertised as a tonic for economic rejuvenation, the bill is projected to add $3.8 trillion to the national........

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