Public cuts in financial support have hurt public colleges and students. The author argues that the fault lies in part with the colleges themselves. Many public-university administrators are incapable of convincing political and business leaders of the need for financial support because they are no longer fully convinced themselves. They have systematically, if unintentionally, deprived themselves of their best arguments and have adopted a series of myths. In this article, the author discusses these myths about public investment. These seven myths are: (1) The public hates taxes now more than in the past; (2) The public rejects tax-based support for higher education; (3) Privatization of public higher education has been happening for years and is an established practice; (4) State cuts have no effect on educational quality or student outcomes; (5) Revenues from industry can replace lost public money; (6) Privatization won't hurt public universities because revenues from philanthropy can replace public support; and (7) Cutting higher-education support is a national trend that cannot be stopped.