California Acknowledges It Overestimated Deficit by $5 Billion
California’s Budget Outlook for 2026-2027 A recent report from California’s nonpartisan Legislative Analysis Office (LAO), released on Wednesday, revealed that the state’s budget deficit for the fiscal year 2026-2027 is projected to be about $5 billion lower than previously estimated. LAO Legislative Analyst Gabriel Petek, who leads the office overseeing budget policy, discussed the state’s […]
Government Employment Reports Overestimated Jobs By 443,000 in 2023
One reason Americans aren't very happy with the economy, despite the very positive jobs reports released every month, is that those reports are wrong. The Department of Labor estimates nonfarm employment each month and releases it in the Employment Status Report, usually on the first Friday of the month. Initial estimates are based on employer […]