A recent EdChoice report estimates the long-term economic returns of a universal education savings account (ESA) policy in Mississippi, arguing that taxpayer-funded ESAs—used for private tuition and other expenses—would generate economic benefits. While rigorous research is essential as school choice programs expand, the report’s methodological errors, faulty assumptions, and misleading conclusions undermine its value for policymaking. It bases its projections on studies of vouchers and tax-credit scholarships rather than ESAs, miscalculates benefits, and ignores program costs despite evidence of substantial state expenditures. As a result, it misleads state leaders about investing limited education dollars, and lawmakers should consult broader research before advancing private school choice policies.