This policy analysis investigates the definitions, impact, and history of misinformation, finding that while interest and focus on misinformation has grown massively, it is still poorly defined and open to subjectivity and bias. The threat of misinformation, then, is misunderstood and overstated, and is similar to previously moral panics throughout history in which elite institutions fear greater expression by average people. The way forward is to renew our belief in free expression as the most powerful tool to discover truth, debate hard topics, and counter bad speech with good speech.