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Yeah it's true. Though with weather its more egregious, we have a huge dataset to test weather predictions vs weather results against, to test the accuracy of models.
Our ability to test election forecasting percentages is limited to a dataset too small and too different year-to-year to call it tested. So, it really is much less grounded in empirical reality than weather forecasting. It's mathematical voodoo, in my eyes closer to numerology than science.
You're right - and the predictions are quite accurate for 24-48 hours out. The thing is - if you say "there is a 90% chance of rain" then you would expect that 1 out of 10 times it would rain. If it rains all 10 times then your probability estimate was wrong (it was 100% chance of rain). At least over a large sample set.
Nate actually goes into this quite a bit in his book The Signal and the Noise.