California likes to boast that its booming economy is the sixth largest in the world – as calculated by its own state government. In contrast, rust belt states like Michigan and Ohio are seen as pathetic economic has-beens by the self-congratulating liberal elite.
Not so fast, says Carson Bruno in Real Clear Markets. Adjust for cost of living, which is 36% higher than the national average, and California comes out behind Mexico:
[U]sing the cost of living adjusted data from the International Monetary Fund and adjusting California's GDP data provides a better snapshot of California's economic standing in the world. Doing so shows that California is actually the 12th largest economy – a drop of 6 spots – and actually puts the state below Mexico.
More @ American Thinker
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