Seriously, how did it take so long for someone to come up with a spoof called The White Potus? Credit to Saturday Night Live for finally getting the job done, calling in favors from copious celebrities and former cast members to pull off the pitch-perfect pretaped parody.

James Austin Johnson’s Trump is the protagonist, the once-successful financier whose world is crumbling under his feet. In a nice touch, the Duke T-shirt is replaced by one that reads King. “We are so lucky that America will always be a rich and powerful nation,” drawls Melania (Chloe Fineman making a meal out of Parker Posey’s North Carolina accent). “I mean, can you imagine how awful it would be if America lost all its money and no one in the world respected us anymore?”

Alex Moffat makes his SNL return as Eric Trump, thankfully too dimwitted to do anything racy with Mikey Day’s Don Jr.,...