SACRAMENTO—One of the most entertaining recent social-media love fests involved President Donald Trump and U.S. Sen. Elizabeth Warren, D-Mass. Warren wrote that she and the president agree about scrapping the debt ceiling —a congressional limit on federal borrowing. Its goal is to force the government to live within its means. Congress often relaxes the limit, but “Katy bar the door” if extreme progressives such as Warren get their way.

Trump was “very pleased” to announce his agreement with her that such limits would lead to “economic catastrophe.” He thinks it’s wrong to put such power in “the hands of political people,” as if the root spending isn’t done by politicians. Anyhow, it was the latest example of the Horseshoe Theory, whereby the two political extremes don’t occupy distan

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