This is a great illustration of what's wrong with economics. We take very complex phenomena and reduce them to comically simplistic diagrams like this, that don't stand up to empirical or theoretical scrutiny, and then mock people who don't repeat our baseless, simplistic dogma.
Literally just taught this graph in Econ 101 this afternoon, and I had to work hard not to laugh and explain that politics can lead people to forget it.
#TeachEcon