As school privatization programs expand, advocates argue that vouchers and education savings accounts (ESAs) benefit public school finances. In its Fiscal Factbook: 2025 Edition, EdChoice, a leading privatization advocate, claims these programs save taxpayers money and help public schools financially when enrollment declines. But the report’s data fail to support these assertions. For instance, its claim that per-pupil funding rose alongside privatization rests on an inappropriate inflation adjuster. National spending correlations are meaningless given vast state-level differences, and simple spending comparisons ignore student population and outcome differences. Such flawed analyses render the report useless for guiding school funding policy