For accurate predictions, models depend on accurate input data. For this reason, the U.S. Congressional Budget Office (CBO) routinely updates demographic information about the United States. Recently, errors on the orders of millions of people have come to light. Why are the estimates of the number of immigrants off base, and what are the effects on economic planning? “The CBO now projects that 3.3 million people on net immigrated to the United States in both 2023 and 2024,” according to an economic letter released by the Federal Reserve Bank of San Francisco (FRBSF) on July 15, 2024. “These estimates are […]