1) Though I got a 96 and math is easy for me, I would not go as far to say that a 4th grader with a TI-86 could get an 80🙂. Many 4th graders would have difficulty grasping algebra as a concept let alone knowing how to solve problems with TI's help. There's no way a normal 4th grader would understand trig and calculus enough to make that calculator useful. A 4th grader would bomb the PCAT math section. Also, you have to remember that around 79% of college students with above-average college GPAs, not pre-pharm GPAs mind you, don't get a 80% on the math section.😉
2) Back in my day, and this may still apply, calculators were allowed for the ACT and SAT. Those math problems were easier too. Nevertheless, I agree that its better for students not to use the calculator as a crutch and skew their scores.
3) Harcourt could allow for those basic calculators that can only add and subtract while being unable to store data, so I don't think the storage issue is the only reason. Perhaps Harcourt is trying to prevent turning even the most basic of calculators into a transmitter where people can transmit answers during the test. Perhaps Harcourt also wants to level the playing field on every level to test our math skills on paper.