  JWST's discovery of well-formed galaxies and supermassive black holes only a
few hundred Myr after the big bang, and the identification of polycyclic
aromatic hydrocarbons (PAHs) at $z=6.71$, seriously challenge the timeline
predicted by $\Lambda$CDM. Now, a recent analysis of reionization after JWST by
Munoz et al. (2024) has concluded that the $\Lambda$CDM timeline simply cannot
accommodate the combined JWST-Planck observations even if exotic fixes are
introduced to modify the standard reionization model. In this paper, we argue
that this so-called `photon budget crisis' is more likely due to flaws in the
cosmological model itself. We employ the standard reionization model using the
JWST-measured UV luminosity function in the early Universe and the timeline and
physical conditions in both $\Lambda$CDM and $R_{\rm h}=ct$. We then contrast
the predicted reionization histories in these two scenarios and compare them
with the data. We confirm that the reionization history predicted by
$\Lambda$CDM is in significant tension with the observations, and demonstrate
that the latter are instead in excellent agreement with the $R_{\rm h}=ct$
timeline. Together, the four anomalies uncovered by JWST provide strong
evidence against the timeline predicted by $\Lambda$CDM and in favor of the
evolutionary history in $R_{\rm h}=ct$.
