Myths, misconceptions, and errors increasingly are confusing the public debate on taxes, spending, and budget deficits.

Economic misinformation begins with politicians, who are usually more concerned with winning the next election than with seeking "economic truth." And winning generally requires presenting their own views favorably and their opponents' views unfavorably.

However, precise economic theories and ambiguous data results rarely produce the sound bites needed for a 30-second political hit piece. Consequently, politicians routinely oversimplify complex principles, manipulate data to serve their own ends, and reverse their positions as guided by polling data. It is the public's duty to hold politicians accountable for the policies they enact based on failed economics.

When political leaders communicate to their constituents, the media transmit and often analyze those messages. How Americans view the world, their government, and the economy is therefore largely influenced by what the media tell them.

Yet media reports often contain economic misinformation. Reporters do not purposely mislead their readers and viewers: They have a nearly impossible job. Journalists with little or no academic training in economics are asked to define, explain, and often settle debates in an increasingly complex academic field where debates often come down to dueling statistical models.

Added to the mix are politicians who recklessly twist the field's principles and data to suit their political agendas. Is it, therefore, any wonder that economic mythology has become widespread?

This paper refutes 10 common misconceptions about taxes, spending, and budget deficits that are spread by politicians and reporters.

Brian M. Riedl is Grover M. Hermann Fellow in Federal Budgetary Affairs in the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation.