This is a dangerous trajectory. As elected state treasurers and comptrollers, we know the economy relies on the regularity and reliability of this data, which moves markets, shapes business decisions and guides policymakers. The independence of economic institutions also preserves trust and maintains American economic strength. If the availability and independence of data become political bargaining chips, the damage will be profound and lasting for public pensions, markets and communities alike.
Our job is to safeguard the long-term financial health of the people and communities we serve. We oversee billions in public assets, from the pension checks that keep government retirees secure to the bond issues that fund schools, roads and water systems. Every pensioner, every local government, every taxpayer depending on responsible stewardship relies on us to make data-driven decisions. To do that, we need federal economic data that is both reliable and regularly available.
That foundation is now under attack. Skipping or delaying critical releases doesn’t just cause a ripple — it starves us of the information required to do our jobs. If federal data is manipulated, suppressed or simply absent, the consequences will reverberate far beyond Washington, through pension funds, bond markets, state and local budgets and ultimately the wallets of all Americans.
What’s at risk is not abstract. Public pension funds collectively manage nearly $6 trillion. A manufactured shift in reported unemployment, inflation or interest rates, or the total loss of information altogether, would distort markets, inflate borrowing costs and mislead investment strategies. Retirees could see pensions weakened, cities and towns could face higher borrowing costs and service cuts, and everyday families could pay the price.
Data integrity and availability are not just about releasing numbers; they are about building trust through transparent, accessible and consistent reporting. At the state level, we follow principles we also expect from federal partners:
First, data must be released on predictable schedules with clear explanations. Maryland’s Board of Revenue Estimates meets every March, September and December to adopt revenue projections. In Connecticut, the governor’s budget office and the legislature’s nonpartisan fiscal staff must agree on and publish revenue estimates each November, with revisions in January and April. These calendars give officials confidence to plan. When federal reports are delayed or withheld, state forecasts are thrown into uncertainty.
Second, revisions must be transparent. Candor allows lawmakers, investors and the public to adapt to new realities rather than doubt the numbers. Without that honesty, state revisions risk looking arbitrary, undermining confidence in our fiscal management and making it harder to justify difficult choices.
Third, underlying data and methodologies must be consistent and accessible. New Mexico’s Legislative Finance Committee, for example, provides the Legislature with objective fiscal and policy analyses. If federal figures are absent or manipulated, analysts can’t model state revenues accurately, leaving pension boards and budget committees to steer blind.
In our states and agencies, we live by these principles. We publish not only the numbers our communities depend on, but the context and process behind them. When we adjust forecasts, we explain both what changed and why. This transparency and regularity let pension boards invest wisely, legislatures write balanced budgets and local governments plan responsibly. But we can only meet this standard if federal partners uphold the same commitment.
Independent, regularly released economic data is not a partisan luxury. It is a public trust. Without it, we cannot responsibly manage pensions, forecast budgets or plan for our future. Undermining that trust erodes both financial stability and public faith in government.
The independence of the Bureau of Labor Statistics, the Federal Reserve and other statistical agencies must be defended with the same urgency as the independence of our courts. Friday’s missing jobs report is alarming. If federal data cannot be relied on or is withheld, the numbers won’t tell the truth. The people we serve cannot afford anything less.
Brooke Lierman is comptroller of Maryland. Laura M. Montoya is treasurer of New Mexico. Erick Russell is treasurer of Connecticut. All are Democrats.
Governing’s opinion columns reflect the views of their authors and not necessarily those of Governing’s editors or management.
